Staff Note For The G20 The Role Of The Sdr Initial Considerations PDF Download
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| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 25 |
| Release | : 2016-07-15 |
| Genre | : Business & Economics |
| ISBN | : 1498345441 |
Download Staff Note for the G20 - The Role of the SDR - Initial Considerations Book in PDF, ePub and Kindle
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.
| Author | : Mr.Camilo E Tovar Mora |
| Publisher | : International Monetary Fund |
| Total Pages | : 83 |
| Release | : 2018-01-25 |
| Genre | : Business & Economics |
| ISBN | : 1484339339 |
Download Reserve Currency Blocs: A Changing International Monetary System? Book in PDF, ePub and Kindle
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.
| Author | : W. Raphael Lam |
| Publisher | : International Monetary Fund |
| Total Pages | : 392 |
| Release | : 2017-01-14 |
| Genre | : Business & Economics |
| ISBN | : 147555849X |
Download Modernizing China Book in PDF, ePub and Kindle
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.
| Author | : James Rickards |
| Publisher | : Penguin |
| Total Pages | : 352 |
| Release | : 2016-11-15 |
| Genre | : Business & Economics |
| ISBN | : 0698198069 |
Download The Road to Ruin Book in PDF, ePub and Kindle
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
| Author | : Mr.Balazs Csonto |
| Publisher | : International Monetary Fund |
| Total Pages | : 30 |
| Release | : 2017-07-27 |
| Genre | : Business & Economics |
| ISBN | : 1484313321 |
Download Uphill Capital Flows and the International Monetary System Book in PDF, ePub and Kindle
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.
| Author | : International Monetary Fund. Finance Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 47 |
| Release | : 2018-04-11 |
| Genre | : Business & Economics |
| ISBN | : 1498307396 |
Download Considerations on the Role of the SDR Book in PDF, ePub and Kindle
This paper explores whether a broader role for the SDR could contribute to the smooth functioning and stability of the international monetary system (IMS). Recent staff assessments highlighted that the IMS has displayed considerable resilience. But episodes of stress point also to some weaknesses, including in external adjustment mechanisms; limitations of official liquidity provisions through the Global Financial Safety Net (GFSN); and large-scale reserve accumulation—with systemic side effects. Those weaknesses, together with the expansion of the SDR basket, have renewed interest in the SDR and motivated a discussion of whether there is an economic rationale for a broader SDR role. The paper looks into how those weaknesses can be mitigated by three concepts of the SDR: the official SDR, the reserve asset administered by the IMF (O-SDR); SDR-denominated financial instruments, or “market SDRs” (M-SDR); and the SDR as a unit of account (U-SDR). However, the paper does not propose specific reform options.
| Author | : Mr.Dong He |
| Publisher | : International Monetary Fund |
| Total Pages | : 42 |
| Release | : 2016-01-20 |
| Genre | : Business & Economics |
| ISBN | : 1498321305 |
Download Virtual Currencies and Beyond Book in PDF, ePub and Kindle
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.
| Author | : International Monetary Fund. Strategy, Policy, & Review Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 43 |
| Release | : 2011-07-01 |
| Genre | : Business & Economics |
| ISBN | : 1498339484 |
Download Enhancing International Monetary Stability--A Role for the SDR? Book in PDF, ePub and Kindle
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.
| Author | : [Anonymus AC08741538] |
| Publisher | : |
| Total Pages | : 44 |
| Release | : 2010 |
| Genre | : |
| ISBN | : 9789279187353 |
Download Financial sector taxation Book in PDF, ePub and Kindle
"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.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 104 |
| Release | : 2014-07-04 |
| Genre | : Business & Economics |
| ISBN | : 1498343562 |
Download Budget Institutions in G-20 Countries - Country Evaluations Book in PDF, ePub and Kindle
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.
