The international monetary and financial system

The international monetary system consists of
(i) exchange rate arrangements;
(ii) capital flows; and
(iii) a collection of institutions, rules, and conventions that govern its operation. Domestic monetary policy frameworks dovetail, and are essential to, the global system. A well-functioning system promotes economic growth and prosperity through the efficient allocation of resources, increased specialization in production based on comparative advantage, and the diversification of risk.
http://www.bankofcanada.ca/2009/11/evolution-internat..

3. La solidez del sistema financiero

15 de abril de 2016

2)  “International monetary system” is often used interchangeably with terms such as “international monetary and financial system” and “international financial architecture.” Since the nomenclature involves de jure/de facto jurisdiction, obligations and oversight concerning sovereign nations and multilateral bodies, it is important to be precise and specific. The objective of the IMS is to contribute to stable and high global growth, while fostering price and financial stability. The IMS comprises the set of official arrangements that regulate key dimensions of the balance of payments (IMF, 2009c; 2010a). It consists of four elements: exchange arrangements and exchange rates; international payments and transfers relating to current international transactions; international capital movements; and international reserves. The essential purpose of the IMS is to facilitate the exchange of goods, services and capital among countries.

https://www.imf.org/external/pubs/ft/wp/2013/wp13224.pdf