International Monetary Review, July 2023, Vol.10 No.3

Contents

Special Column on Reform of International Monetary System

Prospect of the International Monetary System by Zhang Zhixiang

A Short Review of the International Monetary System and Future Prospects by Il Houng Lee

Multilateral Currency Systems for Reform of the Global Monetary System by Herbert Poenisch

Observing De-dollarization from the Perspective of Money Functions by Xia Le

China

Precise Policies to Promote Steady Economic Growth in China by Tu Yonghong

How to Restructure Chinese Supply Chains by Andrew Sheng and Xiao Geng

Allying More Digitally by Chen Yinmo, Zhang Ming and Wang Zhe

Global Economy

Trade Liberalisation is the Solution to Fiscal Uncertainty by Talal Rafi

Asia Needs to Focus on Productivity to Lead Global Growth by Anoop Singh

Middle East, North Africa Vulnerable to Rising Fiscal Risks by Antoinette M. Sayeh, Mahmoud Harb and Jacques Charaoui

Monetary Policy

Monetary and Fiscal Policy: Safeguarding Stability and Trust by Claudio Borio

Bold, but Realistic - Monetary Policy and Financial Stability by Klaas Knot

Three Uncomfortable Truths for Monetary Policy by Gita Gopinath

Central Banks can Fend Off Financial Turmoil and Still Fight Inflation by Tobias Adrian, Gita Gopinath, Pierre-Olivier Gourinchas

Cross-Border Payment

Exploring Cross-border and Domestic Payment and Contracting Platforms by Tobias Adrian

Multi-CBDC Cross-border Payments Systems Inch Closer to Reality by Arunima Sharan and Taylor Pearce

Yuan Meets All Criteria to Be a Cross-border Trade Currency by Li Kun and Wei Hao

Financial Regulation

Investing in Banking Supervision by Agustin Carstens

The Quest for Deposit Stability by Fernando Restoy

The Evolving Nature of Banking, Bank Culture, and Bank Runs by Michelle W. Bowman

Central Bank Digital Currency

Developing BRICS Multilateral Regional Economic Integration & Promoting Trade and Investment in BRICS with Future Cross-Border Central Bank Digital Currencies by Jaya Josie

Central Bank Digital Currency – To Be or Not to Be? by Kaushik Jayaram and Herbert Poenisch

CBDCs can Help Protect against Surveillance Capitalism by Lewis McLellan

Are CBDCs A Ticking Timebomb for Commercial Banks? by David Creer, Alexander Feenie

Working Paper

The Impact of Financial Development on the Income and Consumption Levels of China's Rural Residents by Qian Zongxin, Tu Yonghong and Zhou Zinan

Financial Development, Financial Instability, and Fiscal Policy Volatility: International Evidence by Ma Yong and Lv Lin