Development of Regional Monetary Funds at the turn of XX–XXIth Centuries
Abstract
International organizations, particularly the IMF, designed to improve the global stability were established in the middle of XX century and do not fully reflect the realities of globalizing economy. Primarily, some changes in the global economic configuration, namely, dynamic growth of developing economies, are not represented in the global governance institutions. The world community tends to take various actions to smooth current imbalances, conclusion of regional monetary agreements being one of them. Such initiatives in Asia, Africa, Latin America and in the Middle East resulted in a more flexible decentralized structure, where the IMF acts as a senior organization cooperating on certain conditions with regional monetary funds.
Keywords:
global governance, international monetary and financial institutions, regional monetary funds
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Articles of the St Petersburg University Journal of Economic Studies are open access distributed under the terms of the License Agreement with Saint Petersburg State University, which permits to the authors unrestricted distribution and self-archiving free of charge.