The Peterson Institute hosted a panel discussion with authors of several papers in a forthcoming issue of the Oxford Review of Economic Policy (OxREP) on “International Monetary Reform: What to do 50 Years after the Collapse of the Bretton Woods System?”
The papers discuss the huge task of achieving an international monetary system that supports the G20 objective of strong, sustainable, balanced, and inclusive global growth. For advanced economies, current account imbalances are likely rise in coming years—a result of slowing global population growth, evolving technologies, and the investments needed to reach net-zero carbon emissions. This will place enormous demands on the global financial system, and present leadership challenges for the United States and others when inevitable crises occur.
For emerging-market economies, the key challenges will involve managing inflows of financial capital. Should these capital flows be largely unmanaged, as at present among advanced countries, or should regulations, including capital controls, remain on the table?
A moderated Q&A followed the panel discussion.