The global financial crisis and the ensuing Great Recession raised
concerns about adjustment fatigue, deflation, currency wars, and
secular stagnation that presented a sense of deja vu: similar
concerns had arisen at the time of the Great Depression and at the
end of World War II. As with earlier crises, these concerns
prompted calls for greater international policy cooperation-both to
achieve a sustainable recovery from the crisis and to prevent
future crises. This volume compiles papers from a 2015 symposium of
eminent scholars convened by the IMF to discuss how history can
inform current debates about the functioning and challenges of the
international monetary system. An introductory chapter sets the
stage for the other chapters in the volume by giving a broad
overview of the performance of the international monetary system
over the past century, highlighting the key events and challenges
that shaped it. Subsequent sections look at historical antecedents
of today's challenges, describe how the modern international
monetary system has been-and continues to be-shaped through
international financial diplomacy, provide a present-day
perspective, and examine the analytics of international policy
coordination.
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