금융화와 부채경제 확산에 따른 국제통화체제 개혁과 재구축 논의

Alternative Reorganization of International Monetary System under Financialization and Diffusion of ‘Debt Economy’

The purpose of this article is to provide some initial thoughts for further research on alternative reorganization of international monetary system(IMS) under financialization of economy and diffusion of ‘debt economy’ The 2008-2009 global financial crisis highlighted major deficiencies in the existing IMS-the Post-Bretton Woods ‘non-system’. Most experts believe the current IMS remains fragile in the aftermath of the 2008-09 crisis, and they generally agree that the current system, with the interconnectedness of financial markets and predominance by the dollar as a reserve currency, played an important role in the propagation of the US housing crisis and Europe fiscal crisis into a global crisis. And some of the weaknesses in IMS, such as lack of an adequate adjustment mechanism and excessive volatility in exchange rates and capital flows, may cause continued volatility in global financial markets in the future, if not addressed through reforms. A recent G-20 Summit recognized that the 2008-09 events had highlighted the main deficiencies of the current IMS. Clearly, Pareto-improving reforms would be more likely to garner political support. This is followed by a critical review of the reform proposals that are under debate. The paper concludes with a notional design of how a new monetary system might function based on a new international currency.