International Monetary System- Exploring the Past, Present & Future

National
21 Nov 2020

Department of Economics, School of Humanities and Social Sciences, Jain (Deemed-to-be University) organized a national webinar on "International Monetary System- The Past, Present & Future” on August 8, 2020

The world today is at a crossroads due to the changing dynamics in the international monetary system. Any change or reform that takes place in the international monetary system leads to a significant impact on socio-economic conditions around the world.  If we take into account, the choices such as reverting back to a fixed exchange rate system like Bretton Woods System; adopt a freely flexible exchange rate system, or move towards a monetary system where international payment depends upon the macroeconomic policy coordination among the leading industrial countries. However, which of these diverging directions the world will take depends to a large extent on how the leading industrial nations perceive and design monetary transactions across the globe.

 To understand the international monetary system, it is helpful to look back at the past, then analyze the present and create future possibilities.

To enhance the prominence of the webinar, students from the Department of Economics, gave a presentation on various key topics that span across the past, present, and future of the international monetary system. The students shared their views on how the system evolved and changed over time, how any reforms or decision taken by the super countries affects the global monetary relations, and the future challenges and opportunities.

Ms. Anita M. George Managing Director, CDPQ, South Asia was the guest speaker and Prior to joining CDPQ, she was a Senior Director of the World Bank’s Energy and Extractive Industries Global Practice. She spoke on issues such as global interest rates, inflation, trade relations between the USA and China, the dominance of dollars as currency, and how China controls the global market being a prime manufacturer of various luxury products such as smartphones, etc. she also discussed the role of small and medium enterprises and changes brought by the advancement of technology.

 Overall the webinar was a great learning experience for the students, it was highly enlightening, it ended with a vote of thanks and insightful inputs by Dr. V.K. Xavier Professor & HOD, Department of Economics, Jain (Deemed-to-be University) as he highlighted the need to create a policy, for an economic environment that must be conducive for the sustainable development and sustainability of the banks.

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