Farhi, Emmanuel, Gourinchas, Pierre-Olivier & Rey, Hélène.
Some prominent economists argue that failures in the international monetary system are the root cause of the global crisis. This column introduces a new eReport arguing that, at the very least, the international monetary system is inefficient and destabilising for the global economy. It proposes a number of reforms, the common thread of which is to increase the conditional supply of liquidity and reduce its unconditional demand.
Πηγή: CEPR