This paper outlines legal developments related to floating currencies, gold, and special drawing rights (SDRs) in the … IMF. The Articles of the Fund require each member to establish a par value for its currency in terms of gold as a common … July 1, 1944, the effect of which is simply to express the par value indirectly in terms of gold. In this paper …

This paper examines legal developments in area of floating currencies, special drawing rights, and gold in the IMF. It …

the gold value of the IMF's assets. Each member of the IMF is bound to maintain the gold value of the IMF's holdings of …

Fund's limited gold sale. They noted their expectation that at least SDR 4.4 billion of the profits would be placed in an … (LICs), including the distribution to the Fund's membership of up to SDR 0.7 billion from the profits linked to gold sales …

unit of account. The gold standard was such a system, but suffered from gold’s fluctuating relative value and the costly … need to redeem money for gold. This paper explores monetary standards with relatively constant real values in which the …

increase in protectionist pressures, and the disappointing performance of world trade, renewed concern has been expressed about …

and world commodity supplies and the real exchange rate and real commodity prices. It is shown that fiscal expansion and … increasing world commodity supplies simultaneously lead to an appreciation of the real exchange rate and a decline in relative …