Staff Note For The G20 The Role Of The Sdr Initial Considerations

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Staff Note for the G20 - The Role of the SDR - Initial Considerations

International Monetary Fund
Staff Note for the G20 The Role of the SDR Initial Considerations Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 25 pages
File Size : 50,8 Mb
Release : 2016-07-15
Category : Business & Economics
ISBN : 9781498345446

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Staff Note for the G20 - The Role of the SDR - Initial Considerations by International Monetary Fund Pdf

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.

Reserve Currency Blocs: A Changing International Monetary System?

Mr.Camilo E Tovar Mora,Tania Mohd Nor
Reserve Currency Blocs A Changing International Monetary System Book PDF

Author : Mr.Camilo E Tovar Mora,Tania Mohd Nor
Publisher : International Monetary Fund
Page : 83 pages
File Size : 53,7 Mb
Release : 2018-01-25
Category : Business & Economics
ISBN : 9781484339336

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Reserve Currency Blocs: A Changing International Monetary System? by Mr.Camilo E Tovar Mora,Tania Mohd Nor Pdf

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.

Modernizing China

W. Raphael Lam,Mr.Markus Rodlauer,Mr.Alfred Schipke
Modernizing China Book PDF

Author : W. Raphael Lam,Mr.Markus Rodlauer,Mr.Alfred Schipke
Publisher : International Monetary Fund
Page : 392 pages
File Size : 50,5 Mb
Release : 2017-01-14
Category : Business & Economics
ISBN : 9781475558494

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Modernizing China by W. Raphael Lam,Mr.Markus Rodlauer,Mr.Alfred Schipke Pdf

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.

The Road to Ruin

James Rickards
The Road to Ruin Book PDF

Author : James Rickards
Publisher : Penguin
Page : 352 pages
File Size : 51,9 Mb
Release : 2016-11-15
Category : Business & Economics
ISBN : 9780698198067

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The Road to Ruin by James Rickards Pdf

The bestselling author of The Death of Money and Currency Wars reveals the global elites' dark effort to hide a coming catastrophe from investors in The Road to Ruin, now a National Bestseller. A drumbeat is sounding among the global elites. The signs of a worldwide financial meltdown are unmistakable. This time, the elites have an audacious plan to protect themselves from the fallout: hoarding cash now and locking down the global financial system when a crisis hits. Since 2014, international monetary agencies have been issuing warnings to a small group of finance ministers, banks, and private equity funds: the U.S. government’s cowardly choices not to prosecute J.P. Morgan and its ilk, and to bloat the economy with a $4 trillion injection of easy credit, are driving us headlong toward a cliff. As Rickards shows in this frightening, meticulously researched book, governments around the world have no compunction about conspiring against their citizens. They will have stockpiled hard assets when stock exchanges are closed, ATMs shut down, money market funds frozen, asset managers instructed not to sell securities, negative interest rates imposed, and cash withdrawals denied. If you want to plan for the risks ahead, you will need Rickards’s cutting-edge synthesis of behavioral economics, history, and complexity theory. It’s a guidebook to thinking smarter, acting faster, and living with the comfort­ing knowledge that your wealth is secure. The global elites don’t want this book to exist. Their plan to herd us like sheep to the slaughter when a global crisis erupts—and, of course, to maintain their wealth—works only if we remain complacent and unaware. Thanks to The Road to Ruin, we don’t need to be. "If you are curious about what the financial Götterdämmerung might look like you’ve certainly come to the right place... Rickards believes -- and provides tantalizing snippets of private conversations with those who dwell in the very eye-in-the-pyramid -- that the current world monetary and financial system is on the verge of insolvency and that the world financial elites already have a successor system for which they are laying the groundwork." --Ralph Benko, Forbes

Uphill Capital Flows and the International Monetary System

Mr.Balazs Csonto,Mr.Camilo E Tovar Mora
Uphill Capital Flows and the International Monetary System Book PDF

Author : Mr.Balazs Csonto,Mr.Camilo E Tovar Mora
Publisher : International Monetary Fund
Page : 30 pages
File Size : 54,7 Mb
Release : 2017-07-27
Category : Business & Economics
ISBN : 9781484313329

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Uphill Capital Flows and the International Monetary System by Mr.Balazs Csonto,Mr.Camilo E Tovar Mora Pdf

Uphill capital flows constitute a key transmission channel through which reserve accumulation can distort the stability of the international monetary system. This paper examines and quantifies the importance of this transmission channel by examining how foreign official purchases of U.S. Treasuries influences the U.S. yield curve at different maturities. Our findings suggest that a percentage point increase in foreign official holdings relative to outstanding marketable securities reduces the term premium by 2.0–2.4 basis points at maturities of 2–3 years. These estimates are then used to gauge the role of a global policy in reducing excess reserve accumulation?e.g., a composite global reserve asset or through global liquidity facilities. Findings show that a policy that reduces the demand for Treasuries by $100 billion would increase yields by 1.5–1.8 basis points.

Virtual Currencies and Beyond

Mr.Dong He,Mr.Karl Friedrich Habermeier,Mr.Ross B Leckow,Mr.Vikram Haksar,Ms.Yasmin Almeida,Ms.Mikari Kashima,Mr.Nadim Kyriakos-Saad,Ms.Hiroko Oura,Tahsin Saadi Sedik,Natalia Stetsenko,Ms.Concha Verdugo Yepes
Virtual Currencies and Beyond Book PDF

Author : Mr.Dong He,Mr.Karl Friedrich Habermeier,Mr.Ross B Leckow,Mr.Vikram Haksar,Ms.Yasmin Almeida,Ms.Mikari Kashima,Mr.Nadim Kyriakos-Saad,Ms.Hiroko Oura,Tahsin Saadi Sedik,Natalia Stetsenko,Ms.Concha Verdugo Yepes
Publisher : International Monetary Fund
Page : 42 pages
File Size : 40,5 Mb
Release : 2016-01-20
Category : Business & Economics
ISBN : 9781498321303

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Virtual Currencies and Beyond by Mr.Dong He,Mr.Karl Friedrich Habermeier,Mr.Ross B Leckow,Mr.Vikram Haksar,Ms.Yasmin Almeida,Ms.Mikari Kashima,Mr.Nadim Kyriakos-Saad,Ms.Hiroko Oura,Tahsin Saadi Sedik,Natalia Stetsenko,Ms.Concha Verdugo Yepes Pdf

New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions.

Enhancing International Monetary Stability--A Role for the SDR?

International Monetary Fund. Strategy, Policy, & Review Department
Enhancing International Monetary Stability A Role for the SDR Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 43 pages
File Size : 46,8 Mb
Release : 2011-07-01
Category : Business & Economics
ISBN : 9781498339483

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Enhancing International Monetary Stability--A Role for the SDR? by International Monetary Fund. Strategy, Policy, & Review Department Pdf

The SDR has enjoyed renewed attention lately in the context of debates on international monetary reform. To be sure, the term SDR has been used to refer to three different concepts—(i) a composite reserve asset created in 1969: the “official SDR” as defined in the Fund’s Articles; (ii) a potential new class of reserve assets: tradable SDRdenominated securities issued by the Fund or an investment vehicle backed by a subset of the Fund’s membership; and (iii) a unit of account, which could be used to price internationally traded assets (e.g., sovereign bonds) and goods (e.g., commodities), to peg currencies, and to report balance of payments data. All three are discussed in this paper.

Financial sector taxation

[Anonymus AC08741538]
Financial sector taxation Book PDF

Author : [Anonymus AC08741538]
Publisher : Unknown
Page : 44 pages
File Size : 43,9 Mb
Release : 2010
Category : Electronic
ISBN : 927918735X

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Financial sector taxation by [Anonymus AC08741538] Pdf

"The global economic and financial crisis has created important needs for fiscal consolidation. This document analyses potential instruments to raise additional tax revenues from the financial sector. The first section reviews the current policy objectives related to the taxation of the financial sector. The second section sheds some light on the current tax treatment of the financial sector. The third section discusses potential tax instruments to reach the goals. The fourth and fifth section respectively assess the advantages and drawbacks of a Financial Transaction Tax and a Financial Activities Tax."--Editor.

Budget Institutions in G-20 Countries - Country Evaluations

International Monetary Fund
Budget Institutions in G 20 Countries Country Evaluations Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 104 pages
File Size : 47,9 Mb
Release : 2014-07-04
Category : Business & Economics
ISBN : 9781498343565

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Budget Institutions in G-20 Countries - Country Evaluations by International Monetary Fund Pdf

The central government publishes comprehensive financial statements, which include the social security funds and balance sheets with all financial assets and liabilities. Audited financial statements are published more than nine months after the end of the fiscal year. The 2004 Fiscal Responsibility Law (LRF), introduced a number of key reforms in public financial management which apply to the central and most of the first layer of sub-national governments. The reforms include establishment of a macro-fiscal framework, fiscal rules, a medium-term budget framework (MTBF), a system of quarterly budget execution reports, and the Federal Council on Fiscal Responsibility (FCFR) which is tasked to enforce the provisions of the LRF However, there are problems with the LRF and its implementation: (i) the out-years of the MTBF are indicative only; (ii) several LRF provisions have been suspended or relaxed since 2009; (iii) some provinces are not complying with their obligations under the law; and (iv) membership in the FCFR is not mandatory and adherence to the LRF is voluntary. The FCFR comprises of representatives of the central government, the city of Buenos Aires,1 and 21 of the 23 provincial governments. Nonetheless, the law has significantly increased the capacity to coordinate fiscal policies across levels of government and individual jurisdictions. Differences between macroeconomic and fiscal forecasts and outturns are not analyzed. Limited information is presented on fiscal risks. Budget execution control and reporting have been strengthened through a series of upgrades to the Integrated Financial Management Information System (SIDIF), which began operations in 1993.

International Monetary Fund Annual Report 2017

International Monetary Fund
International Monetary Fund Annual Report 2017 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 114 pages
File Size : 42,6 Mb
Release : 2017-10-05
Category : Business & Economics
ISBN : 9781484306147

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International Monetary Fund Annual Report 2017 by International Monetary Fund Pdf

During the past financial year, the IMF’s 189 member countries faced a number of pressing challenges. IMF work on these challenges - slower trade, declining productivity, gender inequality, inclusive growth, and debt management - is a central focus of this 2017 Annual Report.

Guidance Note for Fund Staff on the Treatment and Use of SDR Allocations

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Statistics Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Finance Dept.,International Monetary Fund. Monetary and Capital Markets Department
Guidance Note for Fund Staff on the Treatment and Use of SDR Allocations Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Statistics Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Finance Dept.,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 23 pages
File Size : 40,9 Mb
Release : 2009-08-28
Category : Business & Economics
ISBN : 9781498335638

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Guidance Note for Fund Staff on the Treatment and Use of SDR Allocations by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Statistics Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Finance Dept.,International Monetary Fund. Monetary and Capital Markets Department Pdf

Against the backdrop of the global financial crisis, the IMF has decided to implement a US$250 billion general allocation of special drawing rights (SDRs). In addition, the Fourth Amendment of the Fund’s Articles of Agreement has recently become effective, and will make available to SDR Department participants a special allocation of up to an additional SDR 21.5 billion (US$33 billion). Nearly US$115 billion of these combined allocations will go to emerging market and developing countries, including about US$20 billion to low-income countries (LICs), thereby providing an important boost to the reserves of countries with the greatest needs.

Resetting the International Monetary (Non)System

José Antonio Ocampo
Resetting the International Monetary Non System Book PDF

Author : José Antonio Ocampo
Publisher : Oxford University Press
Page : 296 pages
File Size : 55,8 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.

IMF Financial Operations 2018

International Monetary Fund. Finance Dept.
IMF Financial Operations 2018 Book PDF

Author : International Monetary Fund. Finance Dept.
Publisher : International Monetary Fund
Page : 196 pages
File Size : 44,7 Mb
Release : 2018-04-18
Category : Business & Economics
ISBN : 9781484348802

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IMF Financial Operations 2018 by International Monetary Fund. Finance Dept. Pdf

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.

International Monetary Fund Annual Report 2021

International Monetary Fund. Secretary's Department
International Monetary Fund Annual Report 2021 Book PDF

Author : International Monetary Fund. Secretary's Department
Publisher : International Monetary Fund
Page : 74 pages
File Size : 52,8 Mb
Release : 2021-10-04
Category : Business & Economics
ISBN : 9781513568812

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International Monetary Fund Annual Report 2021 by International Monetary Fund. Secretary's Department Pdf

A recovery is underway, but the economic fallout from the global pandemic could be with us for years to come. With the crisis exacerbating prepandemic vulnerabilities, country prospects are diverging. Nearly half of emerging market and developing economies and some middle-income countries are now at risk of falling further behind, undoing much of the progress made toward achieving the UN Sustainable Development Goals.

The Global Financial Crisis

Dick K. Nanto
The Global Financial Crisis Book PDF

Author : Dick K. Nanto
Publisher : DIANE Publishing
Page : 127 pages
File Size : 51,8 Mb
Release : 2009
Category : Business & Economics
ISBN : 9781437919844

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The Global Financial Crisis by Dick K. Nanto Pdf

Contents: (1) Recent Developments and Analysis; (2) The Global Financial Crisis and U.S. Interests: Policy; Four Phases of the Global Financial Crisis; (3) New Challenges and Policy in Managing Financial Risk; (4) Origins, Contagion, and Risk; (5) Effects on Emerging Markets: Latin America; Russia and the Financial Crisis; (6) Effects on Europe and The European Response: The ¿European Framework for Action¿; The British Rescue Plan; Collapse of Iceland¿s Banking Sector; (7) Impact on Asia and the Asian Response: Asian Reserves and Their Impact; National Responses; (8) International Policy Issues: Bretton Woods II; G-20 Meetings; The International Monetary Fund; Changes in U.S. Reg¿s. and Regulatory Structure; (9) Legislation.