Library of Emerging Markets Institute No. 4: Reform of the international monetary system

In September 2008, the U.S. financial system was on the verge of collapse, and the global financial system, which was inextricably linked to it, was also in deep trouble. The outbreak of the crisis is merely a harbinger and the underlying reason is that the virtual economy expands the real economy out of balance and the major financial institutions already understand this. Bad motives led to a false boom in the credit bubble, but eventually the bubble burst. Even if the financial system failed, but failure itself could not create a worldwide financial crisis, it was the massive expansion of liquidity in the global financial system that contributed to the crisis and its inevitable impact on interest rates. Those who try to use low interest rates to seek high yields in the soil. This is also the result of defects in the existing former monetary system.

The reform of the global monetary system will be of great help to readers who try to understand and care about how the former monetary system works, where the root causes of its shortcomings and loopholes are and how to carry out effective reforms.

Author Introduction

Jack T. Boorman, He was the director of IMF Policy Development and Evaluation Department for more than ten years. At the end of IMF's career, he was a senior adviser and commissioner to the president. He has been in charge of Europe and Asia at IMF and has been posted to Indonesia as chief representative. Before working for IMF, he earned a doctorate from the University of Southern California and taught at the University of Maryland. He is also a financial economist in the research department of the Federal Deposit Insurance Corporation. Has published a series of books and papers on various topics, including development, structural adjustment, debt of developing countries, emerging market countries, international bankruptcy, governance, etc. he He is now a consultant to the IMF Independent Evaluation Office. He is also an advisory board member of the emerging Markets Forum and an Investments Committee of Rimmer College's Board of Directors.

Andre Icard, the honorary general manager of the Bank of France and the former deputy general manager of the Bank for International Settlements. From 1964 to 1995, Mr. Icard served in the Bank of France. He was a member of the Banking Inspection and Banking Commission-1968-1974, Asset and liability Manager-1977-1983, Foreign Exchange Manager-1984-1986 and Financial Markets Manager-1986-1990. General Manager of the Economic Department of the Central Bank of France from 1990 to 1995. From January 1996 to December 2005, Deputy Managing Director, Bank for International Settlements. 2008-2010 He is a member of the Board of Directors of the French Banking Commission.

Author：Jack T. Boorman, Andre Icard

Translated by: Fan Sha, Liu Qian, Yao Yanbei, yuan Zheng