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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/10012102163
IMF governance reform so that the institution has the legitimacy and efficiency to assume these additional … responsibilities. The paper therefore concludes with some conventional and unconventional proposals for IMF governance reform …
Persistent link: https://www.econbiz.de/10014402489
Persistent link: https://www.econbiz.de/10009615561
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We isolate a U.S. dollar currency premium by comparing corporate bonds issued in the dollar and the euro by firms o utside t he U .S. a nd e uro a rea. We make s everal empirical observations that dissect the perceived advantage of borrowing in the dollar. First, while the dollar dominates...
Persistent link: https://www.econbiz.de/10012605639
Leading up to the global financial crisis, US dollar activity by global banks headquartered outside the United States played a crucial role in transmitting shocks originating in funding markets. Although post-crisis regulation has improved banking systems' resilience, US dollar funding remains a...
Persistent link: https://www.econbiz.de/10012252271
prevalent in most German states until then. The reform sparked a series of steps in other countries that ultimately ended global … France, 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/10012009318
What is the extent of currency diversification in the international monetary system? How has it evolved over time? In this paper, we quantify the degree of currency diversification using regression methods of currency co-movements to determine the extent to which national currencies across the...
Persistent link: https://www.econbiz.de/10011799270
voice reform in the IMF that could command broad support. Following John Rawls, we argue that ""justice is the first virtue …
Persistent link: https://www.econbiz.de/10014400266
All financial institutions specialize, in dimensions that may include categories of assets and liabilities, types of services offered, customer demographics, and geographic coverage. The International Monetary Fund is the only international financial institution that is universal in its...
Persistent link: https://www.econbiz.de/10014400845