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Reforming the International Monetary System (Paperback, New)
Loot Price: R398
Discovery Miles 3 980
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Reforming the International Monetary System (Paperback, New)
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Loot Price R398
Discovery Miles 3 980
Expected to ship within 12 - 17 working days
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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.
General
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