Gold As International Reserves A Barbarous Relic No More

Author : Mr. Serkan Arslanalp,Mr. Barry J. Eichengreen,Chima Simpson-Bell
Publisher : International Monetary Fund
Page : 37 pages
File Size : 42,7 Mb
Release : 2023-01-27
Category : Business & Economics
ISBN : 9798400229947

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Gold as International Reserves: A Barbarous Relic No More? by Mr. Serkan Arslanalp,Mr. Barry J. Eichengreen,Chima Simpson-Bell Pdf

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 in total reserves by at least 5 percentage points over the last two decades. In contrast to the diversification of foreign currency reserves, which has been undertaken by advanced and developing country central banks alike, active diversifiers into gold are exclusively emerging markets. We document two sets of factors contributing to this trend. First, gold appeals to central bank reserve managers as a safe haven in periods of economic, financial and geopolitical volatility, when the return on alternative financial assets is low. Second, the imposition of financial sanctions by the United States, United Kingdom, European Union and Japan, the main reserve-issuing economies, is associated with an increase in the share of central bank reserves held in the form of gold. There is some evidence that multilateral sanctions imposed by these, and other countries have a larger impact than unilateral sanctions on the share of reserves held in gold, since the latter leave scope for shifting reserves into the currencies of other non-sanctioning countries.

Author : Eric Monnet,Mr.Damien Puy
Publisher : International Monetary Fund
Page : 32 pages
File Size : 50,7 Mb
Release : 2019-07-24
Category : Business & Economics
ISBN : 9781498326773

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Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle by Eric Monnet,Mr.Damien Puy Pdf

Why did monetary authorities hold large gold reserves under Bretton Woods (1944–1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer an institution spent in the gold standard (and the older the policymakers), the stronger the correlation between gold reserves and currency. Since dollars and gold were not perfect substitutes, the Bretton Woods system never worked as expected. Even after radical institutional change, history still shapes the decisions of policymakers.

Author : MAURICE OBSTFELD,Douglas A. Irwin
Publisher : Peterson Institute for International Economics
Page : 403 pages
File Size : 46,5 Mb
Release : 2024-04-15
Category : Business & Economics
ISBN : 9780881327496

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Floating Exchange Rates at Fifty by MAURICE OBSTFELD,Douglas A. Irwin Pdf

Fifty years ago, in March 1973, the major industrial economies abandoned fixed exchange rates, conclusively ending the post–World War II Bretton Woods arrangements. Proponents believed their action would strengthen countries' ability to reconcile domestic macroeconomic policies with the balance of payments. But opponents feared it would initiate a new era of instability and financial shocks. Since 1973, much of the world has moved away from fixed exchange rates to a variety of regimes based on considerable exchange rate flexibility. But international trade conflicts and unstable capital flows, along with a rise in financial crises around the world, have nonetheless accompanied the global shift away from exchange rate pegs. How has the international monetary system performed over the past half century? What have we learned from the experience of more flexible exchange rates? What has been the impact on macroeconomic and financial stability in the years since? This book derives from papers delivered at a conference that brought together leading economists and policymakers to debate and discuss these questions, as well as to assess the evolution of the international monetary system, the dominance of the US dollar, and the role of exchange rate regimes in shaping the world economy.

Author : Florian Schuster,Ms. Marwa Alnasaa,Lahcen Bounader,Il Jung,Jeta Menkulasi,Joana da Mota
Publisher : International Monetary Fund
Page : 53 pages
File Size : 48,9 Mb
Release : 2024-03-08
Category : Business & Economics
ISBN : 9798400268779

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Debt Surges—Drivers, Consequences, and Policy Implications by Florian Schuster,Ms. Marwa Alnasaa,Lahcen Bounader,Il Jung,Jeta Menkulasi,Joana da Mota Pdf

Many countries find themselves with elevated debt levels, increased debt vulnerabilities, and tight financing conditions, while also facing increased spending needs for development and transition to a greener economy. This paper aims to place the current debt landscape in a historical context and investigate the drivers of debt surges, to what degree they result in a crisis as well as examine post-surge debt trajectories and under what conditions debt follows a non-declining path. We find that fiscal policy and stock-flow adjustments play important roles in debt dynamics with the valuation effects arising from currency depreciation explaining more than half of stock flow adjustments in LICs. Debt surges are estimated to result in a financial crisis with a probability of 11–20 percent and spending-driven fiscal expansions during debt surges tend to result in a high probability of non-declining debt path.

Author : André Astrow,Chatham House Gold Taskforce
Publisher : Chatham House Report
Page : 0 pages
File Size : 43,5 Mb
Release : 2012
Category : Business & Economics
ISBN : 1862032602

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Gold and the International Monetary System by André Astrow,Chatham House Gold Taskforce Pdf

"To assess what contribution, if any, gold could make to the current international monetary system in the wake of the global financial crisis, Chatham House set up a global Taskforce of experts in 2011. The Taskforce explored the advantages and disadvantages of reintroducing gold in the system and identified a number of possible scenarios for reform. For gold to play a more formal role in the international monetary system, it would be imperative that it neither hinders the system's performance nor creates unacceptable constraints on national economic policies; Although the discipline a gold standard imposes on monetary policy may have been helpful in limiting the reckless banking and excessive debt accumulation of the past decade, the rigidity of a fixed price for gold would likely have been a serious handicap with the onset of the financial crisis when a much more flexible monetary response was required; There is no clear-cut role for gold as a policy indicator. The historical behaviour of the gold price does not provide a particularly good indicator for either monetary or fiscal policy. In fact, since the financial crisis, the rise in the gold price has indicated the need for tighter policies which, if implemented, could have been deeply damaging; Gold can serve as a hedge against declining values of key fiat currencies, and can also be useful for central banks, but its role as a hedge is not cost free. Indeed, a major downside of holding gold is that its price can be extremely volatile. Also, it generates no yield, other than capital gains which are only realised when it is sold. Gold, therefore, can form part of a portfolio of assets that spreads valuation risk, but on the other hand, it is not very effective as a sole reserve asset."--Publisher description.

Author : Joanna Bogołębska,Ewa Feder-Sempach,Ewa Stawasz-Grabowska
Publisher : Taylor & Francis
Page : 203 pages
File Size : 52,7 Mb
Release : 2024-07-31
Category : Business & Economics
ISBN : 9781040090237

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Safe Assets in the Global Economy by Joanna Bogołębska,Ewa Feder-Sempach,Ewa Stawasz-Grabowska Pdf

Safe assets constitute an essential component of the contemporary, international financial system and are vital to its stability. As they are perceived as risk-free assets, they are a special type of financial instrument. Although the vast majority of safe assets are issued by governments, due to the increasing interdependence of economies, resulting from the liberalisation of capital flows, financial openness and the ineffectiveness of the international monetary system, issues relating to their significance, creation and allocation are global. This book combines theoretical threads by systematising the concept and characteristics of safe assets against the background of alternative financial instruments with empirical analyses that present trends in shaping demand, supply, price conditions and various interdependencies in the financial markets. It shows the position and role of safe assets in the global financial sector, in the context of ongoing challenges, such as the evolution of forms of money and the processes of currency competition, the outbreak of financial and economic crises, the accumulation of foreign exchange reserves, financial innovations, the scale of securitisation and monetary integration. Although safe assets are not a new category of financial assets, they are inherently connected with the evolution of money. Thus, this book examines the determinants of their creation, motives of holding and the consequences of a shortage – all within the changing nature of the international financial system. Historical, political and institutional backgrounds are taken into account. This book will appeal to researchers, scholars and advanced students of macroeconomics, international finance and economics, investment analysis, financial economics and econometrics.

Author : Mr.Simon Gray
Publisher : International Monetary Fund
Page : 57 pages
File Size : 47,9 Mb
Release : 2011-02-01
Category : Business & Economics
ISBN : 9781455217908

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Central Bank Balances and Reserve Requirements by Mr.Simon Gray Pdf

Most central banks oblige depository institutions to hold minimum reserves against their liabilities, predominantly in the form of balances at the central bank. The role of these reserve requirements has evolved significantly over time. The overlay of changing purposes and practices has the result that it is not always fully clear what the current purpose of reserve requirements is, and this necessarily complicates thinking about how a reserve regime should be structured. This paper describes three main purposes for reserve requirements - prudential, monetary control and liquidity management - and suggests best practice for the structure of a reserves regime. Finally, the paper illustrates current practices using a 2010 IMF survey of 121 central banks.

Author : Peter Pogany
Publisher : iUniverse
Page : 368 pages
File Size : 54,5 Mb
Release : 2006-09
Category : Political Science
ISBN : 0595410790

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Rethinking the World by Peter Pogany Pdf

The post-Marxian, new historical materialism described in this book breathes new life into our comprehension of the world. A 200-year perspective on modernity tells us that an all-embracing physical phenomenon holds humankind in its grip. History has recorded two distinct global systems thus far: "laissez faire/metal money," which spanned most of the 19th century and lasted until the outbreak of World War I, and "mixed economy/weak multilateralism," which began after 1945 and exists today. The period between the two systems, 1914-1945, was a chaotic transition. This evolutionary pulsation is well known to students of thermodynamics. It corresponds to the behavior of expanding and complexifying material systems. The exhaustion of oil and other natural resources is pushing the world toward a third global system that may be called "two-level economy/strong multilateralism." It will be impossible to get there without a new chaotic transition. No repeated warnings, academic advice, moral advocacy, inspired reforms, or political leadership can provide a shortcut around it. But if it took "1914-1945" to make a relatively minor adjustment in the global order, what will it take to make a major one?

Author : Michele Fratianni,Dominick Salvatore,Paolo Savona
Publisher : Springer Science & Business Media
Page : 348 pages
File Size : 52,7 Mb
Release : 2013-06-29
Category : Business & Economics
ISBN : 9781475754506

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Ideas for the Future of the International Monetary System by Michele Fratianni,Dominick Salvatore,Paolo Savona Pdf

Approximately two years ago, the Guido Carli Association charged a group of distinguished economists with studying various aspects of the international monetary system and proposing ways to improve it. The studies were presented at a conference in Florence, Italy, on June 19, 1998 and their edited versions are published in this volume. Ideas for the Future of the International Monetary System consists of two parts: Part I contains the studies commissioned by the Carli Association - those by Dominick Salvatore; Koichi Hamada; Forrest Capie; Michele Fratianni, Andreas Hauskrecht and Aurelio Maccario; Jrgen von Hagen and Ingo Fender, Michael Artis, Marion Kohler and Jacques Mlitz; Barry Eichengreen; Michele Fratianni and Andreas Hauskrecht; Paolo Savona and Aurelio Maccario; and Elvio Dal Bosco - and the comments by Paul De Grauwe and William Branson, and the editors' conclusions. Part II contains three papers presented at the Florence conference, by Antonio Fazio, Carl Scognamiglio, and Alberto Predieri.

Author : United States. Congress. Joint Economic Committee
Publisher : Unknown
Page : 1134 pages
File Size : 42,7 Mb
Release : 1980
Category : United States
ISBN : STANFORD:36105060172959

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Economic Report of the President by United States. Congress. Joint Economic Committee Pdf

Author : United States. Congress. Joint Economic Committee
Publisher : Unknown
Page : 260 pages
File Size : 47,8 Mb
Release : 1981
Category : Electronic
ISBN : MINN:31951D00297021G

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The 1981 economic report of the president by United States. Congress. Joint Economic Committee Pdf

Author : José Antonio Ocampo
Publisher : Oxford University Press
Page : 296 pages
File Size : 40,6 Mb
Release : 2017
Category : Business & Economics
ISBN : 9780198718116

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Resetting the International Monetary (Non)System by José Antonio Ocampo Pdf

Annotation Provides an analysis of the global monetary system and proposes a comprehensive yet evolutionary reform of the system aimed at creating better monetary cooperation for the twenty-first century.

Author : Alan Greenspan
Publisher : Penguin
Page : 402 pages
File Size : 44,6 Mb
Release : 2013-10-22
Category : Business & Economics
ISBN : 9781101638743

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The Map and the Territory by Alan Greenspan Pdf

Like all of us, though few so visibly, Alan Greenspan was forced by the financial crisis of 2008 to question some fundamental assumptions about risk management and economic forecasting. No one with any meaningful role in economic decision making in the world saw beforehand the storm for what it was. How had our models so utterly failed us? To answer this question, Alan Greenspan embarked on a rigorous and far-reaching multiyear examination of how Homo economicus predicts the economic future, and how it can predict it better. Economic risk is a fact of life in every realm, from home to business to government at all levels. Whether we’re conscious of it or not, we make wagers on the future virtually every day, one way or another. Very often, however, we’re steering by out-of-date maps, when we’re not driven by factors entirely beyond our conscious control. The Map and the Territory is nothing less than an effort to update our forecasting conceptual grid. It integrates the history of economic prediction, the new work of behavioral economists, and the fruits of the author’s own remarkable career to offer a thrillingly lucid and empirically based grounding in what we can know about economic forecasting and what we can’t.The book explores how culture is and isn't destiny and probes what we can predict about the world's biggest looming challenges, from debt and the reform of the welfare state to natural disasters in an age of global warming. No map is the territory, but Greenspan’s approach, grounded in his trademark rigor, wisdom, and unprecedented context, ensures that this particular map will assist in safe journeys down many different roads, traveled by individuals, businesses, and the state.

Author : Miroslav Anthony Kriz
Publisher : Princeton, N.J. : International Finance Section, Department of Economics, Princeton University
Page : 52 pages
File Size : 43,9 Mb
Release : 1967
Category : Gold
ISBN : UOM:49015001122218

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Gold: Barbarous Relic Or Useful Instrument? by Miroslav Anthony Kriz Pdf

Author : Benn Steil
Publisher : Princeton University Press
Page : 480 pages
File Size : 46,7 Mb
Release : 2013-02-24
Category : Business & Economics
ISBN : 9780691149097

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The Battle of Bretton Woods by Benn Steil Pdf

Recounts the events of the Bretton Woods accords, presents portaits of the two men at the center of the drama, and reveals Harry White's admiration for Soviet economic planning and communications with intelligence officers.