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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
China's increasing integration with the global economy has contributed to sustained growth in international trade. Its exports have become more diversified, and greater penetration of industrial country markets has been accompanied by a surge in China's imports from all regions--especially Asia,...
Persistent link: https://www.econbiz.de/10012783222
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
determine the extent to which nationalcurrencies across the world belong to a reserve currency bloc. We then use these estimates …
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
This paper shows how the internal job market for participants in the IMF Economist Program (EPs) could be redesigned to eliminate most of the shortcomings of the current system. The new design is based on Gale and Shapley`s (1962) Deferred Acceptance Algorithm (DAA) and generates an efficient...
Persistent link: https://www.econbiz.de/10012783095
The paper explores how international integration through global value chains shapes the working of exchange rates to induce external adjustment both in the short and medium run. The analysis indicates that greater integration into international value chains reduces the exchange rate elasticity...
Persistent link: https://www.econbiz.de/10012843296