Il problema della riforma del sistema monetario internazionale: questioni fondamentali e prospettive di una prima area d'accordo. (The problem of international monetary reform: major questions and prospective initial area of agreement)

Abstract

The Group of Ten’s exclusion of either gold revaluation or flexible exchange rates as solutions to the international monetary problem suggests the continued use of reserve media other than gold in order to feed the world pool of international monetary reserves. These two media could theoretically take the form of either commodity reserves or credit reserves. However, current discussions are likely to focus on a better organisation of the latter, which play an increasingly important role in the present monetary system. The present article discusses four issues that arise from this: the overall amounts and stability, the distribution among reserve holders, the distribution among reserve debtors, the institutional framework for implementation.

JEL: E42, F33