Rules For International Monetary Stability

Author : Michael Bordo,John Taylor
Publisher : Hoover Press
Page : 200 pages
File Size : 51,7 Mb
Release : 2017-04-01
Category : Business & Economics
ISBN : 9780817920562

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Rules for International Monetary Stability by Michael Bordo,John Taylor Pdf

Since the end of the Great Recession in 2009 the central banks of the advanced countries have taken unprecedented actions to reflate and stimulate their economies. There have been significant differences in the timing and pace of these actions. These independent monetary policy actions have had significant spillover effects on the economies and monetary policy strategies of other advanced countries. In addition the monetary policy actions and interventions of the advanced countries have had a significant impact on the emerging market economies leading to the charge of 'currency wars.' The perceived negative consequences of spillovers from the actions of national central banks has led to calls for international monetary policy coordination. The arguments for coordination based on game theory are the same today as back in the 1980s, which led to accords which required that participant countries follow policies to improve global welfare at the expense of domestic fundamentals. This led to disastrous consequences. An alternative approach to the international spillovers of national monetary policy actions is to view them as deviations from rules based monetary policy.

Author : Lucía Satragno
Publisher : BRILL
Page : 225 pages
File Size : 55,8 Mb
Release : 2022-02-28
Category : Law
ISBN : 9789004508736

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Monetary Stability as a Common Concern in International Law by Lucía Satragno Pdf

The open access publication of this book has been published with the support of the Swiss National Science Foundation. In Monetary Stability as a Common Concern in International Law, Lucía Satragno argues that monetary stability is a global public good that must be promoted and protected at all levels of governance. In doing so, the book accomplishes two tasks. On one hand, it provides an up to date analysis of the role of law and institutions in the international monetary field since the collapse of the Bretton Woods system. On the other hand, it applies the methodological approach proposed by the novel doctrine of Common Concern of Humankind to monetary stability as a case study. Accordingly, the book examines not only the status quo of the international monetary system, but also looks at the ‘new and different realism’ that would be envisaged in monetary affairs in the case of a fully-fledged principle of Common Concern.

Author : Romain Lafarguette,Mr.Romain M Veyrune
Publisher : International Monetary Fund
Page : 33 pages
File Size : 44,5 Mb
Release : 2021-02-12
Category : Business & Economics
ISBN : 9781513569406

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Foreign Exchange Intervention Rules for Central Banks: A Risk-based Framework by Romain Lafarguette,Mr.Romain M Veyrune Pdf

This paper presents a rule for foreign exchange interventions (FXI), designed to preserve financial stability in floating exchange rate arrangements. The FXI rule addresses a market failure: the absence of hedging solution for tail exchange rate risk in the market (i.e. high volatility). Market impairment or overshoot of exchange rate between two equilibria could generate high volatility and threaten financial stability due to unhedged exposure to exchange rate risk in the economy. The rule uses the concept of Value at Risk (VaR) to define FXI triggers. While it provides to the market a hedge against tail risk, the rule allows the exchange rate to smoothly adjust to new equilibria. In addition, the rule is budget neutral over the medium term, encourages a prudent risk management in the market, and is more resilient to speculative attacks than other rules, such as fixed-volatility rules. The empirical methodology is backtested on Banco Mexico’s FXIs data between 2008 and 2016.

Author : Lucía Satragno
Publisher : BRILL
Page : 225 pages
File Size : 51,7 Mb
Release : 2022-02-28
Category : Law
ISBN : 9789004508736

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Monetary Stability as a Common Concern in International Law by Lucía Satragno Pdf

The open access publication of this book has been published with the support of the Swiss National Science Foundation. In Monetary Stability as a Common Concern in International Law, Lucía Satragno argues that monetary stability is a global public good that must be promoted and protected at all levels of governance. In doing so, the book accomplishes two tasks. On one hand, it provides an up to date analysis of the role of law and institutions in the international monetary field since the collapse of the Bretton Woods system. On the other hand, it applies the methodological approach proposed by the novel doctrine of Common Concern of Humankind to monetary stability as a case study. Accordingly, the book examines not only the status quo of the international monetary system, but also looks at the ‘new and different realism’ that would be envisaged in monetary affairs in the case of a fully-fledged principle of Common Concern.

Author : Annamaria Viterbo
Publisher : Edward Elgar Publishing
Page : 369 pages
File Size : 46,9 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9781781002612

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International Economic Law and Monetary Measures by Annamaria Viterbo Pdf

The 20072010 global financial crisis re-opened the debate on the reform of the international monetary and financial system. This well-argued book demonstrates the strategic role of international economic law (IEL) in ensuring international monetary stability and global financial stability. After discussing the current allocation of powers among IEL institutions, Annamaria Viterbo focuses on monetary measures: exchange restrictions, capital controls and exchange rate manipulations. These three fundamental topics are then examined through the lens of a multi-layered methodology, adopting perspectives from international monetary law, trade law and investment law. The author evaluates how the horizontal sectors in which IEL is traditionally divided interact and how conflicts between norms are avoided or solved. Particular attention is also devoted to the outcomes of trade and investment disputes that deal with monetary measures. International Economic Law and Monetary Measures will appeal to international trade law and international financial law scholars as well as law and business students. Legal practitioners and officials working in the field of international economic law will find it a useful reference, as will legal counsel in banks and financial institutions, international investors and multinational corporations.

Author : John E. Baiden
Publisher : Xlibris Corporation
Page : 408 pages
File Size : 48,5 Mb
Release : 2021-02-10
Category : Business & Economics
ISBN : 9781664155336

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Currency Stability and a Country’s Prosperity by John E. Baiden Pdf

This book is based upon the author’s study, and thesis submitted at Thomas Jefferson School of law. The intent of the study or research was to test or verify the author’s hypothesis, thus “unstable currencies equals an unstable country” by understudying currencies in top ten countries and bottom ten countries ranked in the 2016 World Prosperity Index and Fragile States Index 2016; to determine whether there is a co-relationship between stable or unstable currencies and a country’s prosperity or failure/ misery. ‘The Value of Offshore Banking to the Global Financial System’; ‘Inflation Targeting, why the value of money matters to you’, and ‘Exchange Traded Funds’ are the author’s previous books. Thanks for your patronage.

Author : Mr.Carlo Cottarelli,Mr.Tomás J. T. Baliño
Publisher : International Monetary Fund
Page : 772 pages
File Size : 50,5 Mb
Release : 1994-12-15
Category : Business & Economics
ISBN : 1557754195

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Frameworks for Monetary Stability by Mr.Carlo Cottarelli,Mr.Tomás J. T. Baliño Pdf

This book, edited by Tomás J.T. Baliño and Carlo Cottarelli, addresses some of the strategic issues faced by policymakers in the choice of a monetary regime. Following an overview of some of these issues, the book considers the various theoretical or practical frameworks for the implementation of monetary policy. It then focuses on how monetary policy should be implemented.

Author : Thomas Cottier,Rosa M. Lastra,Christian Tietje,Lucía Satragno
Publisher : Cambridge University Press
Page : 635 pages
File Size : 42,8 Mb
Release : 2014-08-29
Category : Law
ISBN : 9781107063631

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The Rule of Law in Monetary Affairs by Thomas Cottier,Rosa M. Lastra,Christian Tietje,Lucía Satragno Pdf

Addresses central monetary law and policy debates, especially the links between international investment law and trade regulation within the WTO.

Author : International Monetary Fund. Finance Dept.
Publisher : International Monetary Fund
Page : 16 pages
File Size : 55,8 Mb
Release : 2010-04-21
Category : Business & Economics
ISBN : 9781498337540

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Reserve Accumulation and International Monetary Stability - Supplementary Information by International Monetary Fund. Finance Dept. Pdf

Reform package. Comprehensive reform of Fund governance—encompassing quotas, ministerial engagement and oversight, the size and composition of the Executive Board, voting rules, management selection, and staff diversity—is essential to enhancing the Fund’s long-term legitimacy and effectiveness. Although the elements of such a reform are being discussed sequentially, and some could be taken up sooner, most will need to be decided as a package, given the linkages and trade-offs.

Author : Jacek Rostowski
Publisher : International Monetary Fund
Page : 24 pages
File Size : 51,7 Mb
Release : 1994-02-01
Category : Business & Economics
ISBN : 9781451920987

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Systemic Requirements for Monetary Stability in Eastern Europe and the Former Soviet Union by Jacek Rostowski Pdf

The primary function of banks during economic transformation is seen to be provision of an efficient payments mechanism. The lack of banking skills, particularly in credit allocation, is seen as the major problem in stable monetary systems. This is a problem which can be expected to last many years. The solution is to limit banks to very safe assets (initially central bank liabilities). Combining such safe banks with a monetary rule would provide stable monetary systems during transition.

Author : International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
Page : 312 pages
File Size : 46,9 Mb
Release : 2020-01-21
Category : Business & Economics
ISBN : 9781513523002

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Law & Financial Stability by International Monetary Fund. Legal Dept. Pdf

This volume comprises a selection of papers prepared in connection with a high-level seminar on Law and Financial Stability held at the IMF in 2016. It examines, from a legal perspective, the progress made in implementing the financial regulatory reforms adopted since the global financial crisis and highlights the role of the IMF in advancing these reforms and charting the course for a future reform agenda, including the development of a coherent international policy framework for resolution and resolution planning. The book’s unique perspective on the role of the law in promoting financial stability comes from the contribution of selected experts and representatives from our membership who share their views on this subject.

Author : Niklas Manhart
Publisher : GRIN Verlag
Page : 141 pages
File Size : 45,5 Mb
Release : 2012-12-20
Category : Political Science
ISBN : 9783656337126

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The Legalization of the International Monetary Fund: Exchange Rate Surveillance over China by Niklas Manhart Pdf

Master's Thesis from the year 2011 in the subject Politics - Topic: International Organisations, grade: 1,0, LMU Munich (Geschwister Scholl Institute for Political Sciences), language: English, abstract: Against the backdrop of the renminbi issue, this paper retraces the unique trajectory of the international law (IL) on exchange rates – from the lawlessness of the gold standard to a highly regulated system under Bretton Woods and back to the obscure arrangement that has prevailed ever since the Second Amendment of the IMF's Articles of Agreement. By employing the concept of legalization, it argues that international monetary stability is a public good which, as a collective action problem, provides strong incentives for cooperation. However, the analysis of the IMF's bilateral surveillance regime reveals that after the Second Amendment hard legalization no longer served the interests of the IMF membership, while the costs of hard legal rules tipped the scale in favour of soft commitments. Specifically, the paper finds that exchange rates are subject to high uncertainty costs stemming from measurement difficulties, complexity, goal incongruence and subjectivity; as well as sover-eignty costs due to reputational damage, distributional impact and loss of monetary power.

Author : Thomas Cottier,Zaker Ahmad
Publisher : Cambridge University Press
Page : 491 pages
File Size : 48,6 Mb
Release : 2021-05-13
Category : Business & Economics
ISBN : 9781108840088

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The Prospects of Common Concern of Humankind in International Law by Thomas Cottier,Zaker Ahmad Pdf

Presents the emerging principle of Common Concern of Humankind as legal response and to serious collective action crises.

Author : Robert Triffin
Publisher : Unknown
Page : 104 pages
File Size : 51,5 Mb
Release : 1964
Category : Business & Economics
ISBN : UOM:49015001169599

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The Evolution of the International Monetary System by Robert Triffin Pdf

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 206 pages
File Size : 41,7 Mb
Release : 1982-01-01
Category : Business & Economics
ISBN : 9781451930573

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

This study analyzes the circumstances under which monetary policy can be conducted to improve the stability of both monetary growth and exchange rates. For this purpose, the paper develops a portfolio balance model and tests its implications using parameter estimates for the United States and the United Kingdom. The principal finding is that there is a limited set of conditions in which stability of monetary growth and stability of exchange rates are consistent policy objectives. The two intervention rules compared here are stylized versions of rules that are commonly employed by central banks in countries with well-developed financial markets: control of the growth of the monetary base and control of a short-term interest rate. It is shown that a general rule is that when the supply function for money is more variable than the demand function, then monetary stability and exchange rate stability are likely to be operationally consistent targets.