According to Sperro and Jeffrey (1997,p1), “international economic regimes are rules ,norms, procedures and institutions that are intended to achieve common economic goals by constraining the behaviours of governments”. Global monetary regime is central to the…
One main argument against the global monetary regime is the complexity of managing too many institutions with multiple interests, issues, rules and hierarchies that have been quite unstable, which are involved in the global monetary regime(Obrien etal,2002,p3). At the same time it is argued that in spite of the differences, there are many similarities existing among these institutions involved which help in the decision making process(Karns and Mingst,2004,p27) . In this report, this issue of managing too many institutions involved in global monetary regime is discussed in detail. In section 2, an overview of the global monetary regime is shown with reference to evolution of global monetary regime and the various actors involved in the regime. The argument of the complexity of managing too many institutions involved in the global monetary regime is discussed with the help of examples in section3. At the same time, the similarities which have facilitated the decision making process are also discussed in section4. .Section 5 concludes the report.
Three periods can be distinguished in the evolution of global monetary regime. First is the Bretton Woods Period from 1945 to 1971, seconds is the interdependence period from 1971 to 1989 and the third is the globalization period from 1989 to the present (Hart, 2008,p5). The first period is characterized by fixed exchange rate regime together with currency convertibility, financing, exchange controls, exchange rate changes and adaptation of national policies to form a new international monetary order. This period saw the emergence of international organizations like IMF and World Bank (Hart, 2008,p8). In the second period, monetary system is characterized by floating exchange rates with central bank interventions, debt crises, petrodollar recycling etc. In the third period, global monetary system has been characterized by rising financial flows, ...
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