Mar 22, 2012 Report No：11-29
For a Better International Monetary System: An Emerging Economy Perspective
The recent global crisis has demonstrated strongly that a systemic crisis victimizes a large number of innocent crisis “bystanders.” In order to prevent global crisis recurrence, and avoid victimization of such innocent crisis bystanders, the global financial safety net needs to be substantially strengthened. In this regard, assigning greater roles to central banks in addressing systemic crises seems one noteworthy option having several significant advantages.
|Keywords||Crisis bystanders; global financial safety net; international monetary system|