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Author : United States. Congress. Joint Economic Committee. Subcommittee on International Exchange and Payments
Publisher : Unknown
Page : 40 pages
File Size : 53,9 Mb
Release : 1965
Category : Foreign exchange
ISBN : UIUC:30112059713385
Author : Mr.Morris Goldstein,Mr.Andrew Crockett
Publisher : International Monetary Fund
Page : 100 pages
File Size : 46,6 Mb
Release : 1987-02-26
Category : Business & Economics
ISBN : 0939934760
This report comprises three papers written by staff members of the Fund's Research Department on issues arising out of the reports on the international monetary system prepared in 1985 by the Group of Ten (representing the industrial countries participating in the General Arrangements to Borrow) and the intergovernmental Group of Twenty-Four on International Monetary Affairs. These two reports, which appear as appendices to this volume, were transmitted to the Interim Committee of the Fund's Board of Governors and were subsequently discussed by the Fund's Executive Board in early 1986.
Author : Mr. Andrew Crockett,Mr. Morris Goldstein
Publisher : International Monetary Fund
Page : 97 pages
File Size : 46,9 Mb
Release : 1987-02-26
Category : Business & Economics
ISBN : 9781452717715
This report comprises three papers written by staff members of the Fund's Research Department on issues arising out of the reports on the international monetary system prepared in 1985 by the Group of Ten (representing the industrial countries participating in the General Arrangements to Borrow) and the intergovernmental Group of Twenty-Four on International Monetary Affairs. These two reports, which appear as appendices to this volume, were transmitted to the Interim Committee of the Fund's Board of Governors and were subsequently discussed by the Fund's Executive Board in early 1986.
Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 33 pages
File Size : 40,5 Mb
Release : 2011-03-23
Category : Business & Economics
ISBN : 9781498339117
The current IMS has survived for over forty years, underpinning strong growth in GDP and in the international exchange of goods and capital, one of its core objectives. As a result, interdependence among the world’s economies has grown dramatically, making the existence of a sound system ever more important. At the same time, the system has exhibited many symptoms of instability—frequent crises, persistent current account imbalances and exchange rate misalignments, volatile capital flows and currencies, and unprecedentedly large reserve accumulation. These symptoms have come to a head since the 2008 crisis and brought renewed international momentum to the idea of attempting to reform the IMS. Yet the debate so far suggests little consensus on the underlying problems, let alone on the solutions. This paper identifies four root causes to these problems: inadequate global adjustment mechanisms to prevent inconsistent or imprudent policies among systemic countries; lack a comprehensive oversight framework for growing cross-border capital flows, covering both source and recipient countries; inadequate systemic liquidity provision mechanisms; and structural challenges in the supply of safe assets.
Author : United States. Congress. Joint Economic Committee. Subcommittee on International Exchange and Payments
Publisher : Unknown
Page : 30 pages
File Size : 48,6 Mb
Release : 1967
Category : Foreign exchange
ISBN : UIUC:30112059665387
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 39 pages
File Size : 40,5 Mb
Release : 2016-02-22
Category : Business & Economics
ISBN : 9781498345958
In light of the changing contours of the global economy, this paper provides an overview of the challenges facing the International Monetary System (IMS). It seeks to forge a common understanding of the challenges facing the IMS and its shortcomings, and to lay the basis for discussing a possible roadmap for further work on reform areas.
Author : Emmanuel Farhi,Pierre-Olivier Gourinchas,Hélène Rey
Publisher : CEPR
Page : 65 pages
File Size : 45,8 Mb
Release : 2011
Category : Business & Economics
ISBN : 9781907142420
This report presents a set of concrete proposals of increasing ambition for the reform of the international monetary system. The proposals aim at improving the international provision of liquidity in order to limit the effects of individual and systemic crises and decrease their frequency. The recommendations outlined in this report include: / Develop alternatives to US Treasuries as the dominant reserve asset, including the issuance of mutually guaranteed European bonds and (in the more distant future) the development of a yuan bond market. / Make permanent the temporary swap agreements that were put in place between central banks during the crisis. Establish a starshaped structure of swap lines centred on the IMF. / Strengthen and expand existing IMF liquidity facilities. On the funding side, expand the IMF's existing financing mechanisms and allow the IMF to borrow directly on the markets. / Establish a foreign exchange reserve pooling mechanism with the IMF, providing participating countries with access to additional liquidity and, incidentally, allowing reserves to be recycled into productive investments.To limit moral hazard, the report proposes the setting up of specific surveillance indicators to monitor international funding risks associated with increased insurance provision. The report discusses the role of the special drawing rights (SDRs) and the prospects for turning this unit of account into a true international currency, arguing that it would not solve the fundamental problems of the international monetary system. The report also reviews the conditions under which emerging market economies may use temporary capital controls to counteract excessive and volatile capital flows. The potential for negative externalities requires mutual monitoring and international cooperation in terms of financial regulation and suggests that the mandate of the IMF should be extended to the financial account.
Author : Peter B. Kenen,Francesco Papadia,Fabrizio Saccomanni
Publisher : Cambridge University Press
Page : 370 pages
File Size : 49,7 Mb
Release : 1994-10-13
Category : Business & Economics
ISBN : 0521467292
In the two decades prior to publication of this 1994 book, international monetary relations had been characterised by latent instability, and then by severe tensions. Yet the issue of reforming the international monetary system does not appear on the agenda of the policy makers of the major countries involved. The International Monetary System tries to analyse this apparent contradiction. It brings together contributions from some of the most authoritative academic economists and monetary officials, and examines each of the fundamental functions of the international monetary system. There is broad support for improving present monetary arrangements with the aim of ensuring more stable conditions in monetary and financial markets and of promoting the orderly adjustment of payments disequilibria. For political reasons a fully-fledged reform exercise is unlikely, but very few experts seem to like the status quo. This book provides the reader with a comprehensive account of the institutional and policy changes required to manage an increasingly integrated and interdependent global monetary and financial system.
Author : Mr.Jacob A. Frenkel,Mr.Morris Goldstein
Publisher : International Monetary Fund
Page : 508 pages
File Size : 54,6 Mb
Release : 1996-04-24
Category : Business & Economics
ISBN : 155775554X
The fiftieth anniversary of the Bretton Woods Conference served as an opportunity to reappraise the desirability of strengthening the IMF's oversight of the functioning of the international monetary system. Whatever the design of an exchange rate system and the arrangements for the provision of international liquidity, it is widely accepted that to be effective such oversight must rest on a strong analytic foundation. These two volumes, edited by Jacob A. Frenkel and Morris Goldstein, present 30 analytic papers on the system as it functioned during 1987-91 and aim at conveying the flavor of those issues that commanded close attention in the Fund's research program.
Author : United States. Congress. Joint Economic Committee. Subcommittee on International Exchange and Payments
Publisher : Unknown
Page : 22 pages
File Size : 49,7 Mb
Release : 1965
Category : Foreign exchange
ISBN : LCCN:65062975
Author : John B. Taylor
Publisher : MIT Press
Page : 153 pages
File Size : 46,5 Mb
Release : 2019-04-09
Category : Business & Economics
ISBN : 9780262536752
An argument that a rules-based reform of the international monetary system, achieved by applying basic economic theory, would improve economic performance. In this book, the economist John Taylor argues that the apparent correlation of monetary policy decisions among different countries—largely the result of countries' concerns about the exchange rate—causes monetary policy to deviate from effective policies that stabilize inflation and the economy. He argues that a rules-based reform of the international monetary system, achieved by applying basic economic theory, would improve economic performance. Taylor shows that monetary polices in recent years have been deployed either defensively, as central banks counteract forces from abroad that affect the exchange rate, or offensively, as central banks attempt to move the exchange rate to gain a competitive advantage. Focusing on the years from 2005 to 2017, he develops an empirical framework to examine two monetary policy instruments: the policy interest rate (the more conventional of the two) and the size of the balance sheet. He finds that an international contagion in central bank decisions about the policy interest rate has accentuated the deviation from standard interest rate rules that have worked in the past. He finds a similar contagion in decisions about the size of the balance sheet. By considering a counterfactual policy in the estimated model, Taylor is able to estimate by how much the policy of recent years has increased exchange rate volatility. After several rounds of monetary actions and reactions aimed at exchange rates, Taylor finds, the international monetary system is left with roughly the same interest rate configuration, but much larger balance sheets to unwind.
Author : Committee for Economic Development
Publisher : Unknown
Page : 106 pages
File Size : 41,8 Mb
Release : 1973
Category : Business & Economics
ISBN : UOM:39015055416336
Author : Michele Fratianni,Dominick Salvatore,Paolo Savona
Publisher : Springer Science & Business Media
Page : 348 pages
File Size : 49,5 Mb
Release : 2013-06-29
Category : Business & Economics
ISBN : 9781475754506
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 : Robert Triffin
Publisher : Unknown
Page : 104 pages
File Size : 44,6 Mb
Release : 1964
Category : Business & Economics
ISBN : UOM:49015001169599
Author : Michael Mussa,International Monetary Fund,Peter Clark,Donald J. Mathieson,Tamim Bayoumi,Morris Goldstein
Publisher : Unknown
Page : 39 pages
File Size : 43,9 Mb
Release : 1994
Category : Capital market
ISBN : 1557754446
The current exchange rate regime; The expansion and integration of international financial markets; Volatility, misalignment and access to capital; Limiting exchange rate variability: the target zone methods.
