Showing 1 - 10 of 441
voice reform in the IMF that could command broad support. Following John Rawls, we argue that justice is the first virtue of …
Persistent link: https://www.econbiz.de/10012777959
prevalent in most German states until then. The reform sparked a series of steps in other countries that ultimately ended global …, which would have severed the link between gold and silver currencies. Without reform, Germany would thus have risked … exclusion from the fixed exchange rate system that tied together the major industrial economies.Reform required French …
Persistent link: https://www.econbiz.de/10012889160
What is the extent of currency diversification in the international monetary system? How hasit evolved over time? In this paper, we quantify the degree of currency diversification usingregression methods of currency co-movements to determine the extent to which nationalcurrencies across the...
Persistent link: https://www.econbiz.de/10012927455
This study focuses on identifying the main factors that influenced country-specific and aggregate demand for IMF concessional financing between 1986 and 2018 and makes within-period and out-of-period forecasts. We find that the external debt level, inflation, and real effective exchange rate are...
Persistent link: https://www.econbiz.de/10013243069
This paper takes stock of the evolution of the international monetary system over the last thousand years. Several points stand out from the analysis. One is the reluctance of governments to embrace radical changes in international monetary relations. Another is the conflict between external and...
Persistent link: https://www.econbiz.de/10013317910
Uphill capital flows constitute a key transmission channel through which reserve accumulation can distort the stability of the international monetary system. This paper examines and quantifies the importance of this transmission channel by examining how foreign official purchases of U.S....
Persistent link: https://www.econbiz.de/10012948528
Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves,...
Persistent link: https://www.econbiz.de/10012864107
Among emerging market currencies, the RMB holds the most potential to become widely used internationally, due to China‘s large economic size, diversified trade structure and network, macroeconomic stability, and high growth rates - both current and expected. Yet, foreign access to...
Persistent link: https://www.econbiz.de/10013102272
The reform of the Italian public administration has been a priority for at least two decades, with several major … public procurement. It finds that original reform provisions were weakened or overturned, regulatory complexity and …
Persistent link: https://www.econbiz.de/10012839309
labor market, we simulate the effects of this reform on unemployment, employment, and welfare. We estimate that the CNE will …
Persistent link: https://www.econbiz.de/10012777935