scholarly journals Global Monetary Order and the Liberal Order Debate

2020 ◽  
Vol 21 (2) ◽  
pp. 109-153 ◽  
Author(s):  
Carla Norrlof ◽  
Paul Poast ◽  
Benjamin J Cohen ◽  
Sabreena Croteau ◽  
Aashna Khanna ◽  
...  
Keyword(s):  
Financial Institutions ◽  
International System ◽  
Central Banks ◽  
International Financial Institutions ◽  
Counter Narrative ◽  
Security Challenges ◽  
The Us ◽  
Us Dollar ◽  
Financial Power ◽  
Monetary Order

Abstract The recent “liberal international order” (LIO) debate has been vague about the institutions and issue areas that constitute the order. This is likely driven by competing views of “liberal” and, perhaps more importantly, by security scholars dominating the debate. From the perspective of scholars who explore the elements of the global monetary order (reserve currencies, international financial institutions, and central banks), the picture is different. Where security scholars point to a decline in US influence, scholars of global monetary politics see continued US dominance. Moreover, monetary prominence has been a precondition for the viability of great power projects of order building more generally. This symposium offers such a counter narrative. While the security challenges are real, the crises of the last decade have actually reinforced the centrality of the US dollar and American financial power in the international system.

How to Reform the IMF

2010 ◽  
Vol 109 (730) ◽  
pp. 342-348 ◽  
Author(s):  
Randall W. Stone
Keyword(s):  
Financial Institutions ◽  
Just In Time ◽  
International Financial Institutions ◽  
Financial Power ◽  
The Imf

The ongoing shift in the distribution of global financial power could come just in time to revitalize the IMF and other major international financial institutions.

Domestic Jurisdiction over International Financial Institutions for Injuries to Project-Affected Individuals

2019 ◽  
Vol 16 (1) ◽  
pp. 105-136
Author(s):  
Clemens Treichl ◽  
August Reinisch
Keyword(s):  
International Law ◽  
Financial Institutions ◽  
Dispute Settlement ◽  
Project Finance ◽  
International Financial Institutions ◽  
International Dispute ◽  
The Us ◽  
Us Supreme Court ◽  
Domestic Courts ◽  
Domestic Jurisdiction

Project-affected individuals are increasingly bringing tort claims against international financial institutions in domestic courts. In the US, such plaintiffs such plaintiffs have regularly failed to overcome the obstacle of the defendant institutions’ jurisdictional immunity under the International Organizations Immunities Act. In pending litigation, the US Supreme Court has resolved a long-standing debate as to its scope. This paper examines the issue of jurisdictional immunity in the context of international project finance. It focuses on the specific frameworks established in treaties, analyses the interplay between international and domestic US norms and looks at possible implications of the exercise of domestic jurisdiction. A key finding is that US courts, at least previously, used to grant more extensive immunities than international law required. While doubts persist as to whether domestic courts are a suitable venue for claims brought by project-affected people, existing means of international dispute settlement should be strengthened.

Making a Market

2016 ◽  
Author(s):  
Simon James Bytheway ◽  
Mark Metzler
Keyword(s):  
Free Market ◽  
Central Banks ◽  
World War ◽  
Gold Production ◽  
The First World War ◽  
The Us ◽  
Bank Of England ◽  
Us Dollar ◽  
First World ◽  
Normal Sense

This chapter explores how British authorities created a market for gold in London. During the First World War, central banks came to control most of the world's gold, which could not be freely traded and was no longer a commodity in any normal sense. When the pound sterling formally went off gold and began to float against the US dollar in 1919, the Bank of England invited N.M. Rothschild & Sons to open a “free” market for gold in London. In this marketplace at the center of the international payments system, only five brokers were present, representing anonymous clients. London was in fact the channel for some two-thirds of the world's gold production, and international movements of this gold could induce enormous economic shifts.

scholarly journals EVOLUTION OF CENTRAL BANKS

2020 ◽  
pp. 84-89
Author(s):  
Victoria Dudchenko
Keyword(s):  
Central Bank ◽  
Economic Crisis ◽  
Financial Institutions ◽  
Transformation Method ◽  
Central Banks ◽  
Debt Management ◽  
The European Union ◽  
International Financial Institutions ◽  
Policy Practice ◽  
Bank Institution

Introduction. Throughout the centuries there took place a process of central banks’ development that reflected on the area of target defining, establishing the relationship with government, interconnection with financial market participants, inner management processes. This institute’s evolution from the first bank of issue creation till the modern central bank, including the supranational central bank in the European Union, is characterized by complicated tools of the change of policy, practice, institutional structure, aims and status. Nowadays the next stage of central banks’ development occurs and is characterized by expanding the mandate, reforming the policy, developing innovative aims. This stage is outlined with the global financial and economic crisis and the post-crisis period of the world financial system’s recovery. Under these circumstances, the central banks’ role tends to increase in terms of overcoming the consequences on the global financial and economic crisis that prompts actualizing the issues of integration of unconventional measures in the monetary policy tool, coordination of work of central bank and government concerning debt management, cooperation between the central bank and international financial institutions within the framework of debt management, cooperation between the central banks and international financial institutions within the framework of banking management. Purpose. Generalization of stages and systematization of the causes of emergence, formation and development of a central bank institution through the study of their creation’s evolution and functions’ transformation. Method (methodology). In order to investigate the historical processes, logical sequence of central banks’ development both historical and logical methods of scientific researches were applied. Results. The reasons of central banks’ emergence were generalized, the evolution of central banks’ creation was studied, stages of emergence and development of central banks were further developed and systematized. The peculiarities of the modern stage of central banks’ functioning, role’s change and transformation of functions under the influence of global financial and economic crises.

scholarly journals The Official Use of International Currencies – Assessments and Implications

2015 ◽  
Vol 10 (3) ◽  
pp. 71-80
Author(s):  
Ramona Orăștean
Keyword(s):  
Exchange Rate ◽  
Euro Area ◽  
Central Banks ◽  
Eurozone Crisis ◽  
Foreign Exchange Reserves ◽  
Reserve Currency ◽  
International Currencies ◽  
The Us ◽  
Exchange Rate Arrangements ◽  
Us Dollar

Abstract The paper analyses the official use of international currencies as reserve currency (store of value) and anchor currency (unit of account). Examining the role as a reserve currency we note that the US dollar is the main reserve currency even if it recorded a decline given the decrease of the value of the US dollar reserve holdings and the gradual diversification of the currencies used. Since 2010, the euro's share decreased continuously may be due to the Eurozone crisis and the euro's depreciation against the US dollar. Then we show that the US dollar dominates as an anchor currency, though it was temporary abandoned during crisis time, having more than a regional dimension. At the same time, the use of the euro in exchange rate arrangements appears mainly in the regions that have close links with the euro area. Over the last few years, we have witnessed a gentle orientation towards a multimonetary world, especially regarding the use of the international currencies as reserve currency given the diversification of the currencies in which central banks understand to hold international reserves and the increasing share of the nontraditional currencies in total foreign exchange reserves.

Central Europe's slow rate rises will aim at growth

2021 ◽  
Keyword(s):  
Interest Rates ◽  
Federal Reserve ◽  
Slow Rate ◽  
Emerging Market ◽  
Central Banks ◽  
Content Type ◽  
The Us ◽  
Equity Funds ◽  
Us Dollar ◽  
The Eu

Significance The MNB’s first rate rise in a decade responds to headline inflation rising to the highest rate in the EU. The US Federal Reserve (Fed) decision to bring forward raising interest rates to 2023 is putting emerging market (EM) assets under increasing strain and heaping pressure on Central Europe’s central banks to begin tightening. Impacts Capital markets’ ‘hunt for yield’ will bolster EM bond and equity funds despite concerns about the Fed’s withdrawal of stimulus. The vast majority of investors are behaving as if the current surge in inflation will prove transitory. A sharp deterioration in sentiment may follow if price pressures last longer than expected. Brent crude’s rise to its highest level since October 2018, despite the recent rally in the US dollar, will fuel inflationary pressures.

scholarly journals Assessment of Potential Risks of Regional for Global Financial Security

2020 ◽  
Vol 38 (Especial) ◽  
pp. 156-166
Author(s):  
Alexandra Yuryevna Bokovnya ◽  
Zarina Ilduzovna Khisamova ◽  
Vitalii Fedorovich Vasyukov ◽  
Ildar Rustamovich Begishev
Keyword(s):  
Central Bank ◽  
Financial Market ◽  
Central Banks ◽  
Gradual Transition ◽  
Financial Security ◽  
The Us ◽  
Analysis And Synthesis ◽  
Potential Risks ◽  
Us Dollar ◽  
Regional Associations

The objective of the research was to assess the potential risks of stable CBDC digital currencies,alsoknown as coins, for global financial security.. For several years we have seen the phenomenon of "de-dollarization" in the international financial market; this is a gradual transition in abandoning the use of the US dollar in central bank payments and reserves. A key step in the strategy of freeing countries from the US dollar was the creation of national digital currencies, i.e. stable CBDC currencies. To systematize the data obtained, methods of functional and institutional classification, statisticalanalysisand, also, retrospective, currentand future methods of analysis and synthesis of theoretical and practical material were used.. It is concludedthat the rejection of the stable currency Libra was motivated by the possibility of its transformation into a competing system of traditional currencies. The emergence of a private CBDC prompted central banks and regional associations to create their own CBDCs that could compete with the US dollar in international payments. However, the emergence of CBDC is associated with undeniable advantages and objective risks to the existing financial system and its security.

scholarly journals Mandatory and hybrid arbitration clauses in the practice of international financial institutions

2020 ◽  
pp. 88-105
Author(s):  
Sergei Sergeevich Isai
Keyword(s):  
Dispute Resolution ◽  
Financial Institutions ◽  
Financial Services ◽  
State Courts ◽  
High Likelihood ◽  
International Financial Institutions ◽  
Commercial Arbitration ◽  
Arbitration Process ◽  
The Us ◽  
Arbitration Procedure

This article analyzes the process of application of the hybrid and mandatory arbitration clauses in the practice of international financial institutions. Same as the international commercial arbitration, the domestic arbitration is the most acceptable form of resolution of financial disputes. Contracts with consumers of financial services more often utilize the mandatory arbitration clauses, being the reason why arbitration became de-facto a mandatory means of resolution of disputes with consumers in the sphere of financial services. At the same time, arbitration procedure of dispute resolution is not without its flaws, currently demonstrating trends of increased costs of arbitration, as well is increased term of review of arbitration cases. This gave rise to a new form of arbitration clauses – hybrid dispute resolution clauses, which gives the parties to a dispute an opportunity to seek resolution in state courts, as well as arbitration as an alternative. The novelty of this research consists in the fact that in the conditions of growing “complication” of the arbitration process, there is a high likelihood of application of the hybrid dispute resolution clauses among the international financial institutions. There is also the fact that that arbitration, conducted in accordance with the US financial regulator FINRA, is also mandatory, and in majority of cases yields no results in resolution of disputes of consumers, but its “mandate” is underlines by other causes, than the initiative of large international corporations providing the service.

scholarly journals The evolution of the Offshore US-Dollar System: past, present and four possible futures

2020 ◽  
Vol 16 (6) ◽  
pp. 767-783 ◽  
Author(s):  
Steffen Murau ◽  
Joe Rini ◽  
Armin Haas
Keyword(s):  
Hierarchical Structure ◽  
International Monetary System ◽  
Central Banks ◽  
Bretton Woods ◽  
Monetary System ◽  
The Us ◽  
Money Creation ◽  
Us Dollar ◽  
To Come

AbstractLittle has contributed more to the emergence of today's world of financial globalization than the setup of the international monetary system. In its current shape, it has a hierarchical structure with the US-Dollar (USD) at the top and various other monetary areas forming a multilayered periphery to it. A key feature of the system is the creation of USD offshore – a feature that in the 1950s and 60s developed in co-evolution with the Bretton Woods System and in the 1970s replaced it. Since the 2007–9 Financial Crisis, this ‘Offshore US-Dollar System’ has been backstopped by the Federal Reserve's network of swap lines which are extended to other key central banks. This systemic evolution may continue in the decades to come, but other systemic arrangements are possible as well and have historical precedents. This article discusses four trajectories that would lead to different setups of the international monetary system by 2040, taking into account how its hierarchical structure and the role of offshore credit money creation may evolve. In addition to a continuation of USD hegemony, we present the emergence of competing monetary blocs, the formation of an international monetary federation and the disintegration into an international monetary anarchy.

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