Using specific empirical examples and relevant theoretical insights, discuss what you consider to be the current strengths and weaknesses of the international monetary system. How could its functioning be improved?

Approaching the question
Students are reminded that whilst some questions may very evidently refer
to a particular unit they are all designed to span issues across the entire
module. A full answer to the question will require reflection on the issues
that you have encountered throughout the module. It is important to bear in
mind that the content of your answer will depend on the argument that you
wish to put forward in answer to the question and not solely on the
concepts that the question explicitly identifies.
This question does not have a right or wrong answer, but seeks to assess
your ability to develop a coherent and well-‐thought through argument that
shows a judicious and discerning use of relevant and appropriate empirical
and theoretical material.
The question does not seek some definitive and descriptive list of crises that
highlight problems in the present international monetary system or of
theories of international monetary systems, but a selective use of both
problems and theoretical insights that contribute to the critical discussion
and argument you develop based on those. It may also help to outline what
you see as being the current international monetary system and how it
operates broadly. Finally, when outlining the improvements you would
suggest, do not just reproduce the views found in the readings but try and
argue for your own ideas, even if they are based or draw on those of others,
as extra marks will be awarded for originality.
As a rough guide, split the text of the main body of your essay about 2/3 to
1/3 between the first and second parts of the question.
In this question, it is particularly important, while developing your own
discussion, to not stray from what the question actually asks you to do by
trying to re-‐define the question and writing about something off point.
2
Further Readings (If applicable)
D’Arista, J. (2008). “Replacing the failed Washington consensus.” Journal of
Post Keynesian Economics 30(4): 523-‐540.
Dorrucci, E. and J. McKay (2010). “The International Monetary System After
the Financial Crisis.” ECB Occasional Paper(123).
Mateos y Lago, I., R. Duttagupta and R. Goyal (2009). The debate on the
international monetary system, International Monetary Fund.
Rogoff, K. (1999). “International institutions for reducing global financial
instability.” The journal of economic perspectives 13(4): 21-‐42.
Santor, E. and L. Schembri (2011). “The International Monetary System: An
Assessment and Avenue for Reform.” Bank of Canada Review 2011(Autumn):
1-‐11.
Schwartz, A. J. (2000). “Do we need a new Bretton Woods.” Cato J. 20: 21.
Stiglitz, J. E. (2006). Making globalization work. London, Allen Lane.
Assessment Criteria
In addition to the above instructions regarding how to approach the question
and suggestions the Programme Handbook, the following points may also
help you to produce a good piece of work:

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