After moving slowly downward for the better part of four decades, central bank gold holdings have risen since the … Global Financial Crisis. We identify 14 "active diversifiers," defined as countries that purchased gold and raised its share … diversifiers into gold are exclusively emerging markets. We document two sets of factors contributing to this trend. First, gold …

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 … July 1, 1944, the effect of which is simply to express the par value indirectly in terms of gold. In this paper …

This paper examines legal developments in area of floating currencies, special drawing rights, and gold in the IMF. It …