Report on the Future Global Reserve System

TABLE OF CONTENTS

Message from ADB's President
Contributors
Acknowledgements

Executive Summary and Recommendations
Jeffrey D. Sachs, Masahiro Kawai, Jong-Wha Lee, and Wing Thye Woo

Paper Summaries (full papers downloadable)

International Monetary Advisory Group

1. Global Financial Crisis, its Impact on India and the Policy Response
   Nirupam Bajpai
2. To What Extent Should Capital Flows be Regulated?
   Maria Socorro Gochoco-Bautista
3. The Case for a Further Global Coordinated Fiscal Stimulus
   Willem Buiter
4. Managing a Multiple Reserve Currency World
   Barry Eichengreen
5. From the Chiang Mai Initiative to an Asian Monetary Fund
   Masahiro Kawai
6. An Asian Currency Unit for Asian Monetary Integration
   Masahiro Kawai
7. The International Monetary System at a Crossroad
   Felipe Larrain B.
8. Towards a New Global Reserve System
   Joseph Stiglitz
9. A Realistic Vision of Asian Economic Integration
   Wing Thye Woo
10. An Asian Monetary Unit?
    Charles Wyplosz
11. Will US fiscal Deficits Undermine the Role of the Dollar as Global Reserve Currency? If So, Should US Fiscal Policy be geared to Preserving the International Role of the Dollar?
    Yongding Yu

International Monetary Working Group

12. International Reserves and Swap Lines: the Recent Experience
    Joshua Aizenman, Donghyun Park and Yothin Jinjarak
13. The Future of the Global Reserve System
    Daniel Gros, Cinzia Alcidi, Anton Brender, and Florence Pisani
14. Renminbi Policy and the Global Currency System
    Yiping Huang
15. Will the Renminbi Emerge as an International Reserve Currency?
    Jong-Wha Lee
16. Asia's Sovereign Wealth Funds and Reform of the Global Reserve System
    Donghyun Park and Andrew Rozanov
17. Reforming International Monetary System
    Kanhaiya Singh
18. Designing a Regional Surveillance Mechanism for East Asia: Lessons from IMF Surveillance
    Shinji Takagi