Showing 1 - 7 of 7
Persistent link: https://www.econbiz.de/10001341339
This paper describes how the changed conditions in the international monetary system have undermined the role originally envisaged for the SDR. It argues that the concept of a global stock of international liquidity, which was fundamental to the creation of the SDR, is now no longer relevant....
Persistent link: https://www.econbiz.de/10005769234
Persistent link: https://www.econbiz.de/10001741714
This study addresses major policy issues associated with the future of the international monetary system. It focuses on whether there is a need for fundamental reform of this system, defined as systematic and sustained effort on the part of the three major industrial countries (United States,...
Persistent link: https://www.econbiz.de/10014404978
Persistent link: https://www.econbiz.de/10015182748
We provide a model of contagion where countries borrow or lend for consumption smoothing at the market interest rate or a lower IMF rate. Highly indebted countries hit by large negative shocks to output will default. The resulting reduction in loanable funds raises interest rates, increases the...
Persistent link: https://www.econbiz.de/10013317860
This paper describes how the changed conditions in the international monetary system have undermined the role originally envisaged for the SDR. It argues that the concept of a global stock of international liquidity, which was fundamental to the creation of the SDR, is now no longer relevant....
Persistent link: https://www.econbiz.de/10014399725