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The Sdr Interest Rate Basket Proposed Change Of The Representative Interest Rate For The Euro And Amendment To Rule T 1c
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Book Synopsis The SDR Interest Rate Basket--Proposed Change of the Representative Interest Rate for the Euro and Amendment to Rule T-1(C) by : International Monetary Fund
Download or read book The SDR Interest Rate Basket--Proposed Change of the Representative Interest Rate for the Euro and Amendment to Rule T-1(C) written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-12-15 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The three-month Eurepo interest rate, the euro component of the SDR interest rate basket, will be discontinued as of the end of 2014. The three-month Eurepo rate, administered by the European Money Market Institute (EMMI), has been the representative interest rate instrument of the euro area in the SDR interest rate basket since 2006. However, faced with a significant shrinking in the number of banks participating in the rate-setting panel, the EMMI announced last month that the Eurepo interest rate will be discontinued after December 31, 2014. This paper proposes to replace the three-month Eurepo rate in the SDR interest rate basket with a transactions-based three-month interest rate. Staff has consulted with the European Central Bank (ECB), which recommends to replace the Eurepo rate with a three-month spot rate derived from the secondary market yield curve covering euro area government bonds rated either investment grade or AA and above. In staff’s view, the latter option (AA and above) would be most comparable to the other instruments in the SDR interest rate basket and would have characteristics that are most consistent with previous Board guidance for selection of financial instruments in the SDR basket. The proposed change would be implemented by an amendment to Rule T-1(c), requiring a 70 percent majority of the total voting power.
Download or read book SDR Interest Rate Basket written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Recent Fall in the SDR Interest Rate--Implications and Proposed Amendments to Rule T-1 by : International Monetary Fund
Download or read book Recent Fall in the SDR Interest Rate--Implications and Proposed Amendments to Rule T-1 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-10-16 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SDR interest rate is at historic lows. Under the current Rule T-1, the SDR interest rate is calculated as the weighted average of interest rate instruments in the SDR basket, and stood at just 3 basis points for the week of October 13th. Market rates could decline further, which could reduce the SDR interest rate to zero or negative levels under the formula of the current Rule T-1. However, there is no authority under the Articles of Agreement for the Fund to establish a zero or negative SDR interest rate. The wording of the relevant provisions in the Articles does not leave room for a zero or negative rate, and nothing in the legislative history of the First and Second Amendments suggests that zero or negative rates were ever contemplated. Negative SDR interest rates would also have adverse implications for the Fund’s finances. Moreover, very low SDR interest rates affect the functioning of the burden sharing mechanism for deferred charges. Under current Board decisions, the equal burden sharing, where creditors and debtors as a group generate equal amounts to cover deferred charges, requires a minimum positive SDR interest rate to operate. The SDR interest rate has now fallen below that minimum level. This paper proposes technical amendments to Rule T-1 and the burden sharing mechanism to address these issues. In particular, the paper proposes setting a 5 basis point floor on the SDR interest rate, changing the rounding rules on the SDR interest rate and the burden sharing adjustment, and reducing the 1 basis point minimum of the burden sharing adjustment to 0.1 basis point. These measures would preserve a minimal capacity of equal burden sharing aimed at protecting the Fund’s balance sheet, while limiting potential departures of the SDR interest rate from market interest rates.
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 by : International Monetary Fund. Finance Dept.
Download or read book Review of the Method of Valuation of the SDR written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2005-10-28 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper sets out the main issues for the 2005 review of the SDR currency basket and interest rate basket. It provides the basis for the quinquennial review by the Executive Board of the method of valuation of the SDR, in accordance with the Executive Board decision on the calculation of currency amounts for the SDR valuation basket adopted in the context of the 2000 review. The new valuation and interest rate baskets will come into effect on January 1, 2006, unless the Executive Board decides otherwise.
Book Synopsis IMF Financial Operations 2015 by : International Monetary Fund. Finance Dept.
Download or read book IMF Financial Operations 2015 written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2015-10-05 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: IMF Financial Operations 2015 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 second 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 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, measures to enhance the financial safety net for developing economies, as well as reforms to the IMF's income model.
Book Synopsis Annual Report of the Executive Directors for the Fiscal Year by : International Monetary Fund
Download or read book Annual Report of the Executive Directors for the Fiscal Year written by International Monetary Fund and published by . This book was released on 1999 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis IMF Financial Operations 2014 by : International Monetary Fund. Finance Dept.
Download or read book IMF Financial Operations 2014 written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2014-10-07 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: IMF Financial Operations 2014 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 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 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, as well as reforms to the IMF’s income model.
Book Synopsis Annual Report by : International Monetary Fund
Download or read book Annual Report written by International Monetary Fund and published by . This book was released on 1999 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Annual Report 1999 [of the Executive Board for the Financial Year Ended April 30, 1999] by : International Monetary Fund
Download or read book Annual Report 1999 [of the Executive Board for the Financial Year Ended April 30, 1999] written by International Monetary Fund and published by . This book was released on 1999 with total page 538 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis IMF Financial Operations 2018 by : International Monetary Fund. Finance Dept.
Download or read book IMF Financial Operations 2018 written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2018-04-18 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: IMF Financial Operations 2018 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 provides background detail on the financial statements. It reviews the IMF's three main activities: lending, surveillance, and technical assistance.
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 Medium-Term Debt Management Strategy by : Mr.Emre Balibek
Download or read book Medium-Term Debt Management Strategy written by Mr.Emre Balibek and published by International Monetary Fund. This book was released on 2019-05-15 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides guidance on using the Analytical Tool of the Medium-Term Debt Management Strategy (MTDS). The MTDS framework consists of a methodology, published as the ‘Guidance Note for Developing a Medium-Term Debt Management Strategy’, and an associated analytical tool (AT) that can be used to assess the cost-risk trade-offs of alternative strategies to help identify the preferred strategy. The MTDS framework supported by the AT quantitative analysis helps to determine the financing strategy. The chosen debt management strategy sets out the financing composition path to meet the debt management objective(s). The profile of future interest payments and the amortizations of new debt are driven by the debt management strategy. The MTDS AT is based on annual cash flow. Although this assumption is enough for analyzing alternative debt management strategies, in some cases, particularly for countries that are heavily dependent on short-term securities with maturities of less than a year, it would be helpful to work with cash flows with higher frequency.
Download or read book Slovenia written by Mojmir Mrak and published by World Bank Publications. This book was released on 2004-01-01 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thirteen years after independence from the former Socialist Republic of Yugoslavia, Slovenia has become one of the most advanced transition economies in Central and Eastern Europe and will become a member of the EU in May 2004. This publication examines the country's recent political and socio-economic history, its transition to a market economy and the challenges that lie ahead. It includes contributions from Slovenia's president, a former vice prime minister, the current and previous ministers of finance, the minister of European Affairs, the current and former governors of the Bank of Slovenia, as well as from leading development scholars in Slovenia and abroad.
Book Synopsis The Second Economic Adjustment Programme for Greece by :
Download or read book The Second Economic Adjustment Programme for Greece written by and published by . This book was released on 2012 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: 1. Introduction - 2. Macroeconomic and financial developments - 3. Programme implementation - 4. Debt sustainability analysis and programme financing.
Book Synopsis Food Price Volatility and Its Implications for Food Security and Policy by : Matthias Kalkuhl
Download or read book Food Price Volatility and Its Implications for Food Security and Policy written by Matthias Kalkuhl and published by Springer. This book was released on 2016-04-12 with total page 620 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides fresh insights into concepts, methods and new research findings on the causes of excessive food price volatility. It also discusses the implications for food security and policy responses to mitigate excessive volatility. The approaches applied by the contributors range from on-the-ground surveys, to panel econometrics and innovative high-frequency time series analysis as well as computational economics methods. It offers policy analysts and decision-makers guidance on dealing with extreme volatility.
Book Synopsis Yes, Africa Can by : Punam Chuhan-Pole
Download or read book Yes, Africa Can written by Punam Chuhan-Pole and published by World Bank Publications. This book was released on 2011-06-24 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Takes an in-depth look at twenty-six economic and social development successes in Sub-Saharan African countries, and addresses how these countries have overcome major developmental challenges.
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