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Review Of The Method Of Valuation Of The Sdr Initial Considerations
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Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 :1498344313 Total Pages :65 pages Book Rating :4.4/5 (983 download)
Book Synopsis Review of the Method of Valuation of the SDR - Initial Considerations by : International Monetary Fund. Asia and Pacific Dept
Download or read book Review of the Method of Valuation of the SDR - Initial Considerations written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2015-07-16 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper lays out initial considerations for the quinquennial review of the method of valuation of the Special Drawing Right (SDR) currency basket. As in previous reviews, a key objective is to enhance the attractiveness of the SDR as an international reserve asset. In that context, the review will assess the currencies for SDR basket inclusion, currency weights, and the SDR interest rate basket. The paper takes as a starting point the conclusions of the last review in 2010 and the subsequent Board discussion of currency selection criteria in 2011. At the time of the last review, China met the gateway export criterion but the renminbi (RMB) was not included in the SDR basket as it was not judged to be freely usable, the second currency selection criterion. In light of the Board’s broad support in 2011 for the existing legal framework, and since China continues to meet the export criterion, this paper discusses building blocks relevant for a future determination on whether to include the RMB in the basket under the existing criteria.
Book Synopsis Review of the Method of Valuation of the SDR by : International Monetary
Download or read book Review of the Method of Valuation of the SDR written by International Monetary and published by International Monetary Fund. This book was released on 2022-05-16 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides the basis for the quinquennial review by the Executive Board of the method of valuation of the Special Drawing Right (SDR). The review covers the composition and weighting of the SDR currency basket, and the financial instruments used to determine the SDR interest rate. In the five-year period for this review (2017‒21), developments in key variables relevant for the SDR valuation suggest that there have been no major changes in the roles of currencies in the world economy. The countries and the currency union (euro area) whose currencies are currently included in the SDR basket remain the five largest exporters and their currencies continue to account for the majority of international financial transactions. Moreover, staff analysis finds that the COVID-19 pandemic and recent fintech developments have no systematic or material impact on the SDR valuation. The paper proposes to maintain the current composition of the SDR currency and interest rate baskets, as well as the method for determining the currency weights and currency amounts in the basket. In line with the Board-approved methodology, the paper proposes updated weights for the currencies in the SDR basket. These maintain the same ranking of the initial weights set in the 2015 review, with slightly higher weights for the U.S. dollar and the Chinese renminbi and, accordingly, somewhat lower weights for the British pound, the euro, and the Japanese yen. The paper also proposes to make explicit the treatment of data gaps in the SDR valuation framework. Findings from a survey of SDR department participants and prescribed holders are used to follow up on operational issues raised in earlier valuation reviews. The new SDR valuation and interest rate baskets are proposed to come into effect on August 1, 2022 for a period of five years.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1498344011 Total Pages :100 pages Book Rating :4.4/5 (983 download)
Book Synopsis Review of the Method of Valuation of the SDR by : International Monetary Fund
Download or read book Review of the Method of Valuation of the SDR written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-11-13 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides the basis for the quinquennial review of the method of valuation of the Special Drawing Right (SDR). The review considers the composition, size, and weighting of the SDR currency basket and the financial instruments used to determine the SDR interest rate. The analysis in this paper is guided by the informal discussion of Executive Directors in July on initial considerations for the review. In light of Directors’ preference, the two currency selection criteria for SDR inclusion are maintained. Since China continues to meet the export criterion, a key focus of this paper is on assessing whether the renminbi (RMB) could be determined to be a freely usable currency, which is the second criterion. The paper documents the rising international use and trading of the RMB since the 2010 SDR valuation review. A range of indicators suggests that use of the RMB in international transactions has risen substantially, albeit from a low base. The paper also finds that the RMB has become far more actively traded in foreign exchange markets, with sufficient depth to support operations of the size Fund members might undertake without an appreciable change in the exchange rate. Full Text also available in Chinese.
Book Synopsis Review of The Method of Valuation of The SDR—Proposed Extension of The Valuation Of The SDR Basket and Modification of The Date Of Effect of A New Basket by : International Monetary Fund. Finance Dept.
Download or read book Review of The Method of Valuation of The SDR—Proposed Extension of The Valuation Of The SDR Basket and Modification of The Date Of Effect of A New Basket written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2021-03-15 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: On March 5, 2021, the IMF’s Executive Board approved an extension of the current Special Drawing Right (SDR) valuation basket by ten months from September 30, 2021 to July 31, 2022. The IMF normally reviews the composition and valuation of the SDR basket every five years. The extension effectively resets the five-yearly cycle of SDR valuation reviews, with the next review to be completed by mid-2022 and the new basket becoming effective on August 1, 2022. The ten-month extension contributes to the Fund’s ongoing efforts to prioritize work during the COVID-19 crisis and allows for a more suitable effectiveness date of the new basket, which does not coincide with some major markets being closed. The approved extension, as well as effectiveness date of a new basket, is intended to facilitate the continued smooth functioning of SDR-related operations.
Book Synopsis Staff Note for the G20 - The Role of the SDR - Initial Considerations by : International Monetary Fund
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.
Book Synopsis SDR Currency Basket—Proposed Extension of the Valuation of the SDR by : International Monetary Fund
Download or read book SDR Currency Basket—Proposed Extension of the Valuation of the SDR written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-08 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes an extension of the current SDR valuation basket for a period of nine months to September 30, 2016. This extension would respond to feedback from SDR users on the desirability of avoiding changes in the basket at the end of the calendar year and facilitate the continued smooth functioning of SDR-related operations. As discussed at the informal Board meeting on July 29, this proposal does not in any way prejudge the outcome of the Review of the Method of Valuation of the SDR.
Book Synopsis Modernizing China by : W. Raphael Lam
Download or read book Modernizing China written by W. Raphael Lam and published by International Monetary Fund. This book was released on 2017-01-14 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: China is at a critical juncture in its economic transformation as it tries to rebalance what is generally seen as an exhausted growth model. A unifying theme across the reforms that will deliver this transformation is that it can no longer be achieved by raising the amount of physical investment and government direction of resource allocation. Instead China is building a new set of policy frameworks that will allow markets to function more effectively—not unfettered markets, but markets that work efficiently, in line with broad social and other policy goals, and in a sustainable way. Hence, China is now building a new soft infrastructure, that is, the institutional plumbing that underpins and guides the functioning of markets as the key organizing principle toward achieving sustained economic and social progress. Against this background, this volume provides policymakers, academics, and the public with valuable information about policies and institutions in China today. It also looks at the road ahead and key principles that can help China in navigating it. The book focuses on issues crucial in the country’s transformation, such as tax policy and administration, social security, state-owned enterprise reform, medium-term expenditure frameworks, the role of local government finances, capital account liberalization, and renminbi internationalization. As China moves toward a more price-based allocation of resources, strengthening monetary policy frameworks and financial sector regulation will be particularly important in channeling resources to the most productive sectors and minimizing the risks of financial sector stress. Also, upgrading statistical frameworks will be critical for macroeconomic policymaking and investors. Visit : http://www.elibrary.imf.org/page/modernizing-china
Book Synopsis Reserve Currency Blocs: A Changing International Monetary System? by : Mr.Camilo E Tovar Mora
Download or read book Reserve Currency Blocs: A Changing International Monetary System? written by Mr.Camilo E Tovar Mora and published by International Monetary Fund. This book was released on 2018-01-25 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 world belong to a reserve currency bloc. We then use these estimates to calculate the economic size of each currency bloc. A key contribution of our paper is that we quantify the size of the Chinese renminbi bloc. Our analysis suggests that the international monetary system has transitioned from a bi-polar system - consisting of the U.S. dollar and the euro - to a tri-polar one that includes the renminbi. The dollar bloc is estimated to continue to dominate, having the largest share in global GDP (40 percent), followed by the renminbi (30 percent) and the euro blocs (20 percent). The geographical area of influence for the RMB bloc appears to be most evident among the BRICS’ currencies. The British pound and the Japanese yen blocs appear to play minor roles.
Download or read book Gaining Currency written by Eswar Prasad and published by Oxford University Press. This book was released on 2017 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's currency, the renminbi (RMB), has taken the world by storm. The RMB is well on its way to becoming a significant international currency, one that is used widely in international trade and finance. This book documents the RMB's impressive rise, with China successfully adopting a unique playbook for promoting its currency. China's growing economic might, expanding international influence, and the rise of its currency are all intricately connected. The book documents how China's government has tied these goals together, enabling faster progress towards each of them. But there are many pitfalls ahead, both for China's economy and its currency. The book shows how the government has so far navigated its way around domestic and international dangers, but enormous risks still lie ahead. The International Monetary Fund has elevated the RMB to the status of an official reserve currency, a currency that foreign central banks use to keep their rainy day funds. If China plays its cards right, with reforms that put its economy and financial markets on the right track, the RMB is going to become an important reserve currency that could rival some of the traditional reserve currencies such as the euro and the Japanese yen. But this book argues that there are limits to the RMB's ascendance-the hype about its inevitable rise to global dominance is overblown. The Chinese leadership's apparent commitment to financial sector and other market-oriented reforms-coupled with unambiguous repudiation of political, legal, and institutional reforms-sets the RMB on a clear course. It will attain the status of a reserve currency over time but has essentially given up its claim of being seen as a safe haven currency, one that investors turn to for safety. The RMB will erode but not seriously challenge the U.S. dollar's dominance in international finance.--
Book Synopsis Handbook on the International Political Economy of China by : Ka Zeng
Download or read book Handbook on the International Political Economy of China written by Ka Zeng and published by Edward Elgar Publishing. This book was released on 2019 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the processes, evolution and consequences of China’s rapid integration into the global economy. Through analyses of Beijing’s international economic engagement in areas such as trade, investment, finance, sustainable development and global economic governance, it highlights the forces shaping China’s increasingly prominent role in the global economic arena. Chapters explore China’s behavior in global economic governance, the interests and motivations underlying China’s international economic initiatives and the influence of politics, including both domestic politics and foreign relations, on the country’s global economic footprint.
Book Synopsis The Handbook of China's Financial System by : Marlene Amstad
Download or read book The Handbook of China's Financial System written by Marlene Amstad and published by Princeton University Press. This book was released on 2020-11-17 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Chinese economy is now easily one of the most important and closely scrutinized economies in the world. Relatively minuscule changes in predictions of how the Chinese economy will perform can drive up or down stocks and the price of oil and other commodities. At the heart of how the Chinese economy works is its financial system-but the Chinese financial system is vastly different than most people in the West can understand. How do house prices work, for example, in a country where the very concept of property ownership is significantly different than our own? This edited volume will serve as a standard reference guide to China's financial system. With eighteen chapters, the handbook features overviews on the banking sector-the core of China's financial system and the key channel for implementing China's monetary policy-China's ongoing reforms, and the quickly growing bond and money markets, among other topics. Each chapter is written by a leading expert in the field, and as a whole the list of contributors represents an impressive mix of leading scholars and high-level policy officials, some with first-hand knowledge of setting and carrying out Chinese financial policy. The handbook will serve as the first real authoritative volume of literature in the field, and will shed extensive new light on the links between China's financial system and the real economy"--
Book Synopsis Trauma To Triumph: Rising From The Ashes Of The Asian Financial Crisis by : Hoe Ee Khor
Download or read book Trauma To Triumph: Rising From The Ashes Of The Asian Financial Crisis written by Hoe Ee Khor and published by World Scientific. This book was released on 2022-05-12 with total page 950 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book takes stock of and analyzes the events during the Asian financial crisis (AFC) and subsequent developments, including the global financial crisis (GFC), that led to the development of the ASEAN+3 regional financial cooperation framework and the establishment of the ASEAN+3 Macroeconomic Research Office. The book is the first of its kind to compile comprehensive recollections of the major players during the AFC and the GFC, including country-level narratives on the causes and developments of the crises, and measures to overcome them. The book not only presents an analytical and deeper examination of country experiences during both crises, but also assesses the two crises and covers the lessons learnt from the crises, particularly with a focus on the development of regional financial cooperation. The book concludes with regional financial cooperation in retrospect, aiming to catalyze further discussions on the direction of the region's financial cooperation.
Book Synopsis The New China Playbook by : Keyu Jin
Download or read book The New China Playbook written by Keyu Jin and published by Penguin. This book was released on 2023-05-16 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Keyu Jin is a brilliant thinker.” —Tony Blair, former prime minster of the United Kingdom A myth-dispelling, comprehensive guide to the Chinese economy and its path to ascendancy. China's economy has been booming for decades now. A formidable and emerging power on the world stage, the China that most Americans picture is only a rough sketch, based on American news coverage, policy, and ways of understanding. Enter Keyu Jin: a world-renowned economist who was born in China, educated in the U.S., and is now a tenured professor at the London School of Economics. A person fluent in both Eastern and Western cultures, and a voice of the new generation of Chinese who represent a radical break from the past, Jin is uniquely poised to explain how China became the most successful economic story of our time, as it has shifted from primarily state-owned enterprise to an economy that is thriving in entrepreneurship, and participation in the global economy. China’s economic realm is colorful and lively, filled with paradoxes and conundrums, and Jin believes that by understanding the Chinese model, the people, the culture and history in its true perspective, one can reconcile what may appear to be contradictions to the Western eye. What follows is an illuminating account of a burgeoning world power, its past, and its potential future.
Book Synopsis Accountability, Transparency and Democracy in the Functioning of Bretton Woods Institutions by : Elena Sciso
Download or read book Accountability, Transparency and Democracy in the Functioning of Bretton Woods Institutions written by Elena Sciso and published by Springer. This book was released on 2017-07-04 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates the strengths and weaknesses – in terms of transparency and compliance with the democratic principle – of Bretton Woods Institutions, considering the most important innovations from the original framework achieved through the introduction of independent accountability and complaint mechanisms (the Inspection Panel and Independent Evaluation Office), but also due to relevant reforms in the internal governance of the International Monetary Fund and the new financial assistance tools. One of its main focuses is on evaluating the socio-economic impact of conditionality in the countries requiring financial assistance, acknowledging the need to strengthen social protection policies in the adjustment programs. In addition, emphasis is given to the effects of the “constitutionalization” of the Washington Consensus in the European Union, with the establishment of the so-called “Berlin-Brussels-Frankfurt Consensus.”
Book Synopsis IMF Financial Operations 2016 by : International Monetary Fund. Finance Dept.
Download or read book IMF Financial Operations 2016 written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2016-11-04 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: IMF Financial Operations 2016 provides a broad introduction to how the IMF fulfills its mission through its financial activities. It covers the financial structure and operations of the IMF and also provides background detail of the financial statements for the IMF's activities during the most recent financial year. This publication (currently in its third edition) updates a previous report entitled Financial Organization and Operations of the IMF, first published in 1986 and last issued in 2001 (the sixth edition). That 2001 report reflected the seismic shifts in the global economy and in the IMF's structure and operations that occurred after the fall of the Soviet Union and the various currency and financial crises of the 1990s. This revised and updated report covers more recent developments, including reform of the IMF’s income model, measures taken in response to the global financial crisis of 2007–09, and the institutional reforms aimed at ensuring that the IMF's governance structure evolves in line with developments in the global economy.
Book Synopsis Exchange Rate, Credit Constraints and China’s International Trade by : Miaojie Yu
Download or read book Exchange Rate, Credit Constraints and China’s International Trade written by Miaojie Yu and published by Springer Nature. This book was released on 2021-01-05 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, by one of China's leading economists, explores the past and present of the RMB—the people's currency—as it is poised to compete with the dollar as the international reserve currency. Exchange rate movement and its pass-through to changes in domestic prices have been topics of wide concern among economists. However, relatively few studies have empirically investigated the relationship between exchange rate movements and China's international trade.This book fills this gap, using the general equilibrium theory of the western economic science norm systems, integrating the leading heterogeneous firm theory of international trade, attempting to set up a theoretical structural model for further prediction, and applying the data from sample cases to examine the structural model. This book will be of interest to economists, financiers, and China watchers.
Book Synopsis How Global Currencies Work by : Barry Eichengreen
Download or read book How Global Currencies Work written by Barry Eichengreen and published by Princeton University Press. This book was released on 2017-10-23 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: A powerful new understanding of global currency trends, including the rise of the Chinese yuan At first glance, the modern history of the global economic system seems to support the long-held view that the leading world power’s currency—the British pound, the U.S. dollar, and perhaps someday the Chinese yuan—invariably dominates international trade and finance. In How Global Currencies Work, three noted economists provide a reassessment of this history and the theories behind the conventional wisdom. Offering a new history of global finance over the past two centuries, and marshaling extensive new data to test established theories of how global currencies work, Barry Eichengreen, Arnaud Mehl, and Livia Chiţu argue for a new view, in which several national monies can share international currency status, and their importance can change rapidly. They demonstrate how changes in technology and in the structure of international trade and finance have reshaped the landscape of international currencies so that several international financial standards can coexist. They show that multiple international and reserve currencies have in fact coexisted in the pastupending the traditional view of the British pound’s dominance prior to 1945 and the U.S. dollar’s dominance more recently. Looking forward, the book tackles the implications of this new framework for major questions facing the future of the international monetary system, from whether the euro and the Chinese yuan might address their respective challenges and perhaps rival the dollar, to how increased currency competition might affect global financial stability.
