Institute of Economic Research
Topic
Reform of the International Monetary System.
PhD. program
Economics
Year of admission
2025
Name of the supervisor
prof. Ing. Juraj Sipko, PhD., MBA.
Contact:
Receiving school
Národohospodárska fakulta EU
Annotation
The causes of the breakdown of the Bretton-Woods international monetary system. Transition from fixed to floating exchange rates. Kingston’s international monetary system and functioning of floating exchange rates. Comparison of fixed and floating exchange rates and their impact on international trade, investment, and international financial stability. The main factors of instability of the present international monetary system. Growing the role of the emerging market countries on international trade, investments, foreign exchange reserves, the GDP; in particular, a significant increase in the role of their currencies in the international monetary system. Gradual transition process from a unipolar to a multipolar international monetary system. Expected creation of the multipolar monetary system based on more reserve currencies could create assumptions for the relative stability of the international monetary system as a whole. There are many prominent economists such as Jack T. Boorman and André Icard (2011), Emmanuel Farhi, Pierre-Olivier Gourinchas and Hélène Rey (2011) and John B. Taylor (2019), emphasizing the instability of exchange rates. Despite the fact that there have been efforts to reform the international monetary system, due to the outbreak of the global financial crisis and the deep recession, this topic did not receive its due attention.