Strengthening The International Monetary System Taking Stock And Looking Ahead

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Strengthening the International Monetary System - Taking Stock and Looking Ahead

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.
Strengthening the International Monetary System Taking Stock and Looking Ahead Book PDF

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 : 40,6 Mb
Release : 2011-03-23
Category : Business & Economics
ISBN : 9781498339117

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Strengthening the International Monetary System - Taking Stock and Looking Ahead by 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. Pdf

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.

Strengthening the International Monetary System—A Stocktaking

International Monetary Fund
Strengthening the International Monetary System A Stocktaking Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 39 pages
File Size : 48,9 Mb
Release : 2016-02-22
Category : Business & Economics
ISBN : 9781498345958

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Strengthening the International Monetary System—A Stocktaking by International Monetary Fund Pdf

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.

Monetary Stability as a Common Concern in International Law

Lucía Satragno
Monetary Stability as a Common Concern in International Law Book PDF

Author : Lucía Satragno
Publisher : BRILL
Page : 225 pages
File Size : 55,9 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.

The Prospects of Common Concern of Humankind in International Law

Thomas Cottier,Zaker Ahmad
The Prospects of Common Concern of Humankind in International Law Book PDF

Author : Thomas Cottier,Zaker Ahmad
Publisher : Cambridge University Press
Page : 491 pages
File Size : 42,5 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.

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 : 52,5 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.

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 : 47,8 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.

International Monetary Fund Annual Report 2016

International Monetary Fund
International Monetary Fund Annual Report 2016 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 130 pages
File Size : 44,6 Mb
Release : 2016-09-26
Category : Business & Economics
ISBN : 9781498349277

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International Monetary Fund Annual Report 2016 by International Monetary Fund Pdf

The year was marked by difficult challenges and milestone achievements. To reinvigorate modest growth at a time of uncertainty about a complicated global economy, the IMF membership endorsed a three-pronged approach of monetary, fiscal, and structural policies to get the world economy back on a stronger and safer growth track. Highlights of the IMF’s work during the year included entry into effect of its quota and governance reforms approved in 2010, which increase the Fund’s core resources and make it more representative of the membership; commitments for increased financial support, policy advice, expertise, and training to help low-income developing countries achieve the U.N. Sustainable Development Goals; analysis of the international monetary system; inclusion of the Chinese currency in the basket of currencies that make up the Special Drawing Right; and policy advice on the economic repercussions of mass migration of refugees from Syria and other conflict-afflicted states. The IMF Annual Report, which covers the period May 1, 2015 to April 30, 2016, discusses all of these issues, plus a wide range of policy matters that the Executive Board addressed during the year.

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 : 51,8 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.

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 : 54,5 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.

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 : 46,6 Mb
Release : 2017-01-14
Category : Business & Economics
ISBN : 9781513539942

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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. Visit : http://www.elibrary.imf.org/page/modernizing-china

The IMF and the Crises in Greece, Ireland, and Portugal

International Monetary Fund. Independent Evaluation Office,International Monetary Fund. External Relations Dept.
The IMF and the Crises in Greece Ireland and Portugal Book PDF

Author : International Monetary Fund. Independent Evaluation Office,International Monetary Fund. External Relations Dept.
Publisher : International Monetary Fund
Page : 72 pages
File Size : 52,5 Mb
Release : 2016-09-23
Category : Business & Economics
ISBN : 9781475525144

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The IMF and the Crises in Greece, Ireland, and Portugal by International Monetary Fund. Independent Evaluation Office,International Monetary Fund. External Relations Dept. Pdf

This volume book brings together nine background papers prepared for an evaluation by the IMF Independent Evaluation Office of “the IMF and the crises in Greece, Ireland, and Portugal.” It presents an authoritative work on the evolving relationship between the IMF and the euro area, a common currency area founded in 1999 consisting of advanced, highly integrated economies in Europe. The euro area, or any common currency area for that matter, has posed challenges to the IMF’s operational activities as its Articles of Agreement contain no provision for joint membership. The challenges became intense when a series of crises erupted in Greece, Ireland, and Portugal from 2009 to 2011, and the Fund was called upon to help intervene by offering its financing and crisis management expertise. The IMF found itself in uncharted territory where there was no precedent or established procedure. The chapters, many of which are prepared by prominent academics and former senior IMF officials who are thoroughly familiar with internal procedures, discuss various aspects of the IMF’s engagement with the euro area, including precrisis surveillance, how key decisions were made, how the IMF collaborated with European institutions, and how it designed and implemented its lending programs with the three crisis countries. The book gives prominence to governance-related issues, given the large voting share (of more than 20 percent) within the IMF of euro area members and the subsequent public perception that the IMF treated the euro area more favorably than it does developing and emerging market members. The approaches are both cross-cutting and country-based. Some chapters deal with issues related to the euro area as a whole, while others focus on how the Fund engaged with individual euro area countries. The book contains a statement on the IEO evaluation by the IMF Managing Director and a Summing Up of the Executive Board discussion held in July 2016.

Global Cooperation Among G20 Countries

Michael Callaghan,Chetan Ghate,Stephen Pickford,Francis Xavier Rathinam
Global Cooperation Among G20 Countries Book PDF

Author : Michael Callaghan,Chetan Ghate,Stephen Pickford,Francis Xavier Rathinam
Publisher : Springer Science & Business Media
Page : 300 pages
File Size : 51,8 Mb
Release : 2013-12-09
Category : Business & Economics
ISBN : 9788132216599

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Global Cooperation Among G20 Countries by Michael Callaghan,Chetan Ghate,Stephen Pickford,Francis Xavier Rathinam Pdf

At the outbreak of the global financial crisis, 2008, the G20 was widely acknowledged as helping prevent an even more serious decline in the global economy. It helped to calm the panic in financial markets and articulate a set of possible policy options to restore global stability and growth. However, as the dual-track recovery set in, policy options for advanced economies and EMEs diverged. Within this context, this book will explore the scope for cooperation amongst the G20 and the diverging challenges and the intricate interconnectedness of policy options between advanced economies and the EMEs within the G20.

Globalisation, Multilateralism, Europe

Mario Telò
Globalisation Multilateralism Europe Book PDF

Author : Mario Telò
Publisher : Routledge
Page : 512 pages
File Size : 48,5 Mb
Release : 2016-04-22
Category : Political Science
ISBN : 9781317127154

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Globalisation, Multilateralism, Europe by Mario Telò Pdf

This student-friendly textbook offers a comprehensive introduction to globalization studies and the European Union within a multipolar world. It provides its readers with critical analysis of the key concepts of multilateral global and regional governance and Europe’s role in the world; and this in an accessible and intelligible fashion. This volume collects contributions by eminent scholars from world class universities from five different continents. As such, this unique exercise in transnational multi-disciplinary cooperation, provides extensive coverage of the main issues pertaining to multilateral cooperation - notably its history, troubles, legitimacy challenges and efficiency questions - from a variety of national perspectives. The book covers the major issues confronting students of European and global studies, amongst which: pressing security challenges, new forms of institutionalized cooperation, shifting international trade flows, the notion of responsibility to protect, social imbalances and environmental emergencies, the need for less contingent forms of legitimacy for global regulation, as well as global public opinion and transnational civil society networks. Each chapter includes a summary of its salient points; methodological indications; illuminating illustrations; and a suggested list for further reading. This textbook strives to help students develop a better and more secure grasp of the innovative balance between interdisciplinary openness and disciplinary rigor when engaging with global governance studies, comparative regionalism, normative studies, international political economy or international law.

Internationalization of Emerging Market Currencies

Mr.Faisal Ahmed,Mr.Shengzu Wang,Mrs.Isabelle Mateos y Lago,Samar Maziad,Stephanie Segal,Pascal Farahmand,Mr.Udaibir S. Das
Internationalization of Emerging Market Currencies Book PDF

Author : Mr.Faisal Ahmed,Mr.Shengzu Wang,Mrs.Isabelle Mateos y Lago,Samar Maziad,Stephanie Segal,Pascal Farahmand,Mr.Udaibir S. Das
Publisher : International Monetary Fund
Page : 26 pages
File Size : 42,6 Mb
Release : 2011-10-19
Category : Business & Economics
ISBN : 9781463926526

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Internationalization of Emerging Market Currencies by Mr.Faisal Ahmed,Mr.Shengzu Wang,Mrs.Isabelle Mateos y Lago,Samar Maziad,Stephanie Segal,Pascal Farahmand,Mr.Udaibir S. Das Pdf

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

Enter the Dragon

Domenico Lombardi,Hongying Wang
Enter the Dragon Book PDF

Author : Domenico Lombardi,Hongying Wang
Publisher : McGill-Queen's Press - MQUP
Page : 442 pages
File Size : 43,9 Mb
Release : 2016-10-17
Category : Political Science
ISBN : 9781928096160

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Enter the Dragon by Domenico Lombardi,Hongying Wang Pdf

China has experienced a remarkable transformation since the 1990s. It now boasts the second-largest — some would argue the largest — economy in the world, having evolved from a closed economy into the leading goods-trading nation. China’s economic rise has given it increasing prominence in international monetary and financial governance, but it also exposes China to new risks associated with its integration into the global financial system. Drawing insights from economics and political science, Enter the Dragon: China in the International Financial System takes a broad conceptual approach and tackles the questions that accompany China’s ascendance in international finance: What are the motivations and consequences of China’s effort to internationalize the renminbi? What is the political logic underlying China’s foreign financial policy? What forces have shaped China’s preferences and capacities in global financial governance? Enter the Dragon contributes to the ongoing debate over China’s political interests, its agenda for economic and financial cooperation, and the domestic and international implications of its economic rise. Bringing together experts from both inside and outside of China, this volume argues that China’s rise in the international financial system is a highly complex and political process, and can only be understood by incorporating analysis of domestic and international political economy.