The broader governance reform debate-which goes beyond quotas to issues such as engagement by high-level policymakers, Fund management selection, Board structure, rules and accountability-has not got very far in garnering a consensus at the Executive Board. This is the case even though, in...

This paper compares the SDR in terms of its risk-return characteristics relative to those of its five components and, on this basis, finds that the SDR has performed favorably over the period under review. In addition, several efficient portfolios including the SDR and its components are...

Since the grave disruption of the subprime market at the start of the global financial crisis triggered major turbulences in the functioning of money markets in all large advanced economies, central bankers have experienced extraordinarily demanding and difficult times, characterized by a...

This paper discusses the central banking, monetary, and banking laws for 17 countries in Europe, an area where many of the techniques that are now universally used in regulating or controlling the supply of money and credit were developed. The complete text of the basic central bank law of each...