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Author : Jacob S. Dreyer
Publisher : JAI Press(NY)
ISBN 13 :
Total Pages : 218 pages
Book Rating : 4.3/5 (91 download)
Download or read book Composite Reserve Assets in the International Monetary System written by Jacob S. Dreyer and published by JAI Press(NY). This book was released on 1977 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : United States. Congress. Joint Economic Committee. Subcommittee on International Exchange and Payments
Publisher :
ISBN 13 :
Total Pages : 178 pages
Book Rating : 4.:/5 (6 download)
Download or read book Next Steps in International Monetary Reform written by United States. Congress. Joint Economic Committee. Subcommittee on International Exchange and Payments and published by . This book was released on 1968 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : J. de Beaufort Wijnholds
Publisher : Springer Science & Business Media
ISBN 13 : 1468469541
Total Pages : 257 pages
Book Rating : 4.4/5 (684 download)
Download or read book The Need for International Reserves and Credit Facilities written by J. de Beaufort Wijnholds and published by Springer Science & Business Media. This book was released on 2013-11-11 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: International monetary economics essentially deals with three problems, viz. the nature and stability of the international monetary system, the balance of payments adjustment process, and international liquidity (reserves and credit facilities). All three categories are interrelated. The exchange rate system has an important bearing on the manner in which the adjustment process functions, as well as on the need for international liquidity. The adjustment process is an important determinant of the need for international liquidity. The adequacy of international liquidity influences the working of the adjustment process. Ultimately, developments in international liquidity and in the adjustment process determine the nature and stability of the international monetary system; a sustained malfunctioning of the adjustment process - brought about by a serious imbalance in international liquidity or by other causes - will bring about a new international monetary system, either through collapse or reform of the old system. This study deals only with the problem of international liquidity. However, it touches on the two other main aspects of international monetary economics insofar as they have a bearing on international reserves and credit facilities. In the literature international liquidity is most often defined as including international reserves (gold, SDRs, foreign exchange and claims on the IMF) and international credit facilities (IMF drawing rights, EEC support arrangements and central bank multilateral and bilateral credit facilities). This definition will also be followed in this study.
Author : United States. Congress. Joint Economic Committee. Subcommittee on International Exchange and Payments
Publisher :
ISBN 13 :
Total Pages : 424 pages
Book Rating : 4.:/5 (2 download)
Download or read book Guidelines for International Monetary Reform written by United States. Congress. Joint Economic Committee. Subcommittee on International Exchange and Payments and published by . This book was released on 1965 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : United States. Congress. Economic Joint Committee
Publisher :
ISBN 13 :
Total Pages : 174 pages
Book Rating : 4.F/5 ( download)
Download or read book Next Step in International Monetary Reform written by United States. Congress. Economic Joint Committee and published by . This book was released on 1968 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Group of Thirty. Reserve Assets Study Group
Publisher :
ISBN 13 :
Total Pages : 19 pages
Book Rating : 4.:/5 (89 download)
Download or read book Toward a Less Unstable International Monetary System written by Group of Thirty. Reserve Assets Study Group and published by . This book was released on 1980 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
ISBN 13 : 1498337554
Total Pages : 36 pages
Book Rating : 4.4/5 (983 download)
Download or read book Reserve Accumulation and International Monetary Stability written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2010-04-21 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since its last report to the IMFC in October 2009, the IEO has completed its evaluation report on IMF Interactions with Member Countries and finalized issues papers for evaluations on the IMF Performance in the Run-up to the Current Financial and Economic Crisis and Research at the IMF: Relevance and Utilization. On February 1, Moisés Schwartz assumed his duties as the third Director of the IEO.
Author : L. de V. Wragg
Publisher :
ISBN 13 :
Total Pages : 176 pages
Book Rating : 4.3/5 (91 download)
Download or read book Composite Currencies written by L. de V. Wragg and published by . This book was released on 1984 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
ISBN 13 : 1498339484
Total Pages : 43 pages
Book Rating : 4.4/5 (983 download)
Download or read book Enhancing International Monetary Stability--A Role for the SDR? written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2011-07-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SDR has enjoyed renewed attention lately in the context of debates on international monetary reform. To be sure, the term SDR has been used to refer to three different concepts—(i) a composite reserve asset created in 1969: the “official SDR” as defined in the Fund’s Articles; (ii) a potential new class of reserve assets: tradable SDRdenominated securities issued by the Fund or an investment vehicle backed by a subset of the Fund’s membership; and (iii) a unit of account, which could be used to price internationally traded assets (e.g., sovereign bonds) and goods (e.g., commodities), to peg currencies, and to report balance of payments data. All three are discussed in this paper.
Author : MissYinqiu Lu
Publisher : International Monetary Fund
ISBN 13 : 1498302564
Total Pages : 44 pages
Book Rating : 4.4/5 (983 download)
Download or read book Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB written by MissYinqiu Lu and published by International Monetary Fund. This book was released on 2019-03-08 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The way central banks manage their foreign reserve assets has evolved over the past decades. One major trend is managing reserves in two or more tranches—liquidity tranche and investment tranche—especially for those with adequate reserves. Incorporating reserve tranching, we have developed in this paper a central bank’s reserve portfolio choice model to analyze the determinants of the currency composition of reserves. In particular, we adopt the classical mean-variance framework for the investment tranche and the asset-liability framework for the liquidity tranche. Building on these frameworks, the roles of currency compositions in imports invoicing and short-term external debt, and risk and returns of reserve currencies can be quantified by our structural model—a key contribution of our paper given the absence of structural models in the literature. Finally, we estimate the potential paths of the share of RMB in reserves under different scenarios to shed light on its status as an international currency.
Author : Ms.Rina Bhattacharya
Publisher : International Monetary Fund
ISBN 13 : 1484346777
Total Pages : 47 pages
Book Rating : 4.4/5 (843 download)
Download or read book Estimating the Demand for Reserve Assets Across Diverse Groups written by Ms.Rina Bhattacharya and published by International Monetary Fund. This book was released on 2018-03-09 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes a fresh look at the determinants of reserves holding with the aim of highlighting similarities and differences in the motives for holding reserves among emerging markets (EMs), advanced economies (AEs), and low-income countries (LICs). We apply two panel estimation techniques: fixed effects (FE) and common correlated effects pooled mean group (CCEPMG). FE regression results suggest that precautionary savings motives, both current account- and capital account-related, are generally the most important determinants of reserves holding across country groups and that their importance has increased for AEs and LICs since the global financial crisis while receding for EMs. Mercantilist motives matter mostly for EMs. Intertemporal motives have been gaining importance everywhere over time. The CCEPMG results confirm the importance of precautionary motives and suggest that current account motives matter only for EMs and LICs and capital account motives matter for all groups while being more important for EMs in both the shortand long runs. The CCEPMG results also point to the importance of taking into account unobserved common factors that affect coefficient estimates and the dynamic process through which reserves adjust to changes. At about 0.6, the speed of adjustment to the long-run equilibrium implies that more than half of the gap between actual and desired reserve holdings is closed within a year.
Author : Norman C. Miller
Publisher : Free Press
ISBN 13 :
Total Pages : 184 pages
Book Rating : 4.3/5 (91 download)
Download or read book International Reserves, Exchange Rates, and Developing-country Finance written by Norman C. Miller and published by Free Press. This book was released on 1982 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Peter B. Clark
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (318 download)
Download or read book International Liquidity and the Role of the SDR in the International Monetary System written by Peter B. Clark and published by International Monetary Fund. This book was released on 2002-12 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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. Nonetheless, there are good reasons to satisfy part of the growing demand for international reserves with SDR allocations: (i) there are efficiency gains, as SDRs can be created at zero resource cost, and thus obviate the need for countries to run current account surpluses or engage in expensive borrowing to obtain reserves, and (ii) there would be a reduction in systemic risk, as SDRs would substitute to some extent for borrowed reserves, which are less reliable and predictable source of reserves, especially in times of crisis.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498345441
Total Pages : 25 pages
Book Rating : 4.4/5 (983 download)
Download or read book Staff Note for the G20 - The Role of the SDR - Initial Considerations written by International Monetary Fund and published by International Monetary Fund. This book was released on 2016-07-15 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the recent diagnostic of the international monetary system (IMS), the IMF will explore whether a broader role for the SDR could contribute to its smooth functioning. The economic rationale for or against broader use of the SDR will be examined, focusing in particular on identifying any gaps and market failures the SDR could help address in light of the increasingly multi-polar nature of the global economy and growing financial interconnectedness. This note sets out some initial considerations on this matter. The note sketches some key issues bearing on the role of the SDR in each of three concepts: (i) the official SDR, or “O-SDR”, the composite reserve asset issued and administered by the IMF; (ii) SDR-denominated financial market instruments, or “M-SDRs,” which could be both issued and held by any parties; and (iii) the SDR as a unit of account. M-SDRs reduce foreign exchange and interest rate risk relative to single-currency instruments, but there are some drawbacks and challenges. The basket nature of M-SDRs would allow the volatility of returns to be lower than for a similar singlecurrency instrument. However, the SDR only represents one of many possible sets of portfolio weights, and issuers or investors could use existing instruments to replicate their preferred weights at a relatively low cost. There are also challenges to market development, including settling and clearing of M-SDR transactions, dealing with potential basket redefinition, and fostering secondary market trading in order to generate liquidity and market depth. There are potential benefits to using the SDR as a unit of account, which have to be weighed against other considerations. Publishing economic statistics and financial statements in SDR terms could help users identify valuation changes. Statistical authorities would need to invest in communicating the rationale for any change in practices. While the official SDR under its current framework is not playing a significant role in the IMS, a re-examination of its role is expected to inform whether any specific reform options should be pursued. The evolution of the IMS has given rise to an active debate on how much concern is posed by high rates of reserve accumulation, global imbalances, and rising claims on reserve issuers, and on whether the O-SDR could contribute to addressing these issues.
Author : Barry J. Eichengreen
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.F/5 ( download)
Download or read book The Currency Composition of Foreign Exchange Reserves written by Barry J. Eichengreen and published by . This book was released on 2000 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Board of Governors of the Federal Reserve System
Publisher :
ISBN 13 : 9780894991967
Total Pages : 0 pages
Book Rating : 4.9/5 (919 download)
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author : Alina Iancu
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781513560298
Total Pages : 67 pages
Book Rating : 4.5/5 (62 download)
Download or read book Reserve Currencies in an Evolving International Monetary System written by Alina Iancu and published by INTERNATIONAL MONETARY FUND. This book was released on 2020-11-17 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite major structural shifts in the international monetary system over the past six decades, the US dollar remains the dominant international reserve currency. Using a newly compiled database of individual economies’ reserve holdings by currency, this departmental paper finds that financial links have been an increasingly important driver of reserve currency configurations since the global financial crisis, particularly for emerging market and developing economies. The paper also finds a rise in inertial effects, implying that the US dollar dominance is likely to endure. But historical precedents of sudden changes suggest that new developments, such as the emergence of digital currencies and new payments ecosystems, could accelerate the transition to a new landscape of reserve currencies.
