Emerging Economies and the Reform of the Global Monetary System
Working Paper #270
This paper reviews the elements of this global monetary “non-system” and its effects on emerging economies. The next section looks at the major problems of the global reserve system. This is followed in section III by an analysis of global imbalances and the interlinked issues of macroeconomic policy cooperation, the exchange rate system and capital account regulations. Section IV takes a look at governance of the system. Section V briefly draws some conclusions about the global monetary system that best meets the needs of emerging and developing countries.
About the Author
José Antonio Ocampo
Professor of Professional Practice at Columbia University and former Minister of Finance of Colombia
Jose Antonio Ocampo is a Professor of Professional Practice in the School of International and Public Affairs and former Minister of Finance of Colombia. He is also a Fellow of the Committee on Global Thought at Columbia University. Prior to his appointment at Columbia, Professor Ocampo served as the United Nations Under-Secretary-General for Economic and Social Affairs, and head of UN Department of Economic and Social Affairs (DESA), as Executive Secretary of the UN Economic Commission for Latin America and the Caribbean (ECLAC), and has held a number of high-level posts in the Government of Colombia, including Minister of Finance and Public Credit, Director of the National Planning Department, and Minister of Agriculture . Professor Ocampo is author or editor of over 30 books and has published over 200 scholarly articles on macroeconomic theory and policy, international financial issues, economic development, international trade, and Colombian and Latin American economic history.