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This guide explains to participants in the Special Drawing Rights Department and prescribed holders of SDRs the transactions and operations permitted under the IMF's Articles of Agreement and applicable decisions of the Executive Board
Persistent link: https://www.econbiz.de/10014405493
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 denominator. Alternatively, the par value may be...
Persistent link: https://www.econbiz.de/10014394398
This paper discusses the possibility of an IMF that would be based fully on the special drawing right (SDR). The paper explores the basic economic justification for a General Department restructured in this way, the broad outline of the structure that would have to be established, the liquidity...
Persistent link: https://www.econbiz.de/10014394401
This paper examines legal developments in area of floating currencies, special drawing rights, and gold in the IMF. It highlights that the breakdown of the par value system of the original Articles of the IMF and the failure of the IMF's efforts to substitute a comparable system based on central...
Persistent link: https://www.econbiz.de/10014394405
We study the composition of central bank holdings of foreign reserves when the level of currency riskiness is endogenously determined by economic structure and policymaker preferences in reserve issuing countries. Examination of the behavior of official foreign reserves of the industrial and...
Persistent link: https://www.econbiz.de/10014396457
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...
Persistent link: https://www.econbiz.de/10014396007
This paper explores recent versions of older ideas for stabilizing the value of money based on an independently defined 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...
Persistent link: https://www.econbiz.de/10014396092
After narrowing modestly in 2013, the global scale of current account imbalances, and of excess imbalances, held steady in 2014. Over the last several years, while the country composition of imbalances has rotated somewhat, overall there has been little progress on reducing excess imbalances....
Persistent link: https://www.econbiz.de/10014408543
.S. outlook led to a further appreciation of the USD and a depreciation of the yen and the euro. The sharp decline in commodity … widening of current account imbalances was largely driven by systemic economies. Surpluses in Japan, the euro area and China … expanded in 2015. External positions in the U.S. and Japan moved from being broadly in line with fundamentals to being …
Persistent link: https://www.econbiz.de/10014408606