scholarly journals An introduction to the prospect of the Chinese RMB as a reserve currency

2016 ◽  
Vol 11 (1) ◽  
pp. 71-76 ◽  
Author(s):  
Paul Gentle
Keyword(s):  
International Monetary Fund ◽  
Foreseeable Future ◽  
Reserve Currency ◽  
Special Drawing ◽  
Special Drawing Rights ◽  
The International Monetary Fund ◽  
The U.S

On October 1, 2016, the Chinese RMB (yuan) will be included in the SDRs of the International Monetary Fund (IMF). Reserve currencies are select currencies that have special drawing rights (SDRs). This article examines some of the aspects of this impending change of including the Chinese RMB as a select currency. The U.S. dollar is expected to continue to dominate as a select currency, after October 1, 2016, for the foreseeable future. This article has been written so as to provide general economists with some understanding of special drawing rights (SDR) of the International Monetary Fund (IMF) and how the addition of the Chinese RMB will fit in, as of October 1, 2016

The “Sanctions” of the International Monetary Fund

1972 ◽  
Vol 66 (4) ◽  
pp. 737-762 ◽  
Author(s):  
Joseph Gold
Keyword(s):  
International Monetary Fund ◽  
International Monetary System ◽  
The United States ◽  
Legal Structure ◽  
Monetary System ◽  
Special Drawing ◽  
Third Stage ◽  
Special Drawing Rights ◽  
Two Stages ◽  
The International Monetary Fund

Recent events in the international monetary system culminating in the decision of the United States, announced on August 15, 1971, to suspend the convertibility of the dollar induce the international lawyer to ask once again what contribution sanctions can make to respect for international law and the effectiveness of multilateral treaties. This question has been a practical problem at two stages in the development of the International Monetary Fund. It arose first during the negotiation and drafting of the original Articles of Agreement which were adopted at the Bretton Woods Conference in July 1944. The second stage was the negotiation and drafting of the amendment of July 28, 1969, which dealt mainly with the legal structure of special drawing rights as a supplement to existing reserve assets. It is now apparent that there will be a third stage, in which a reform of the international monetary system, perhaps in some of its most fundamental aspects, will lead to a further amendment of the Fund's charter.

Renminbi Joins International Monetary Fund’s Special Drawing Rights Basket: Rationale and Significance

2017 ◽  
Vol 09 (03) ◽  
pp. 76-84
Author(s):  
Jing WAN
Keyword(s):  
Policy Coordination ◽  
International Reserve ◽  
Reserve Currency ◽  
Special Drawing ◽  
The Us ◽  
Push Forward ◽  
Us Dollar ◽  
The 2008 Financial Crisis ◽  
Special Drawing Rights ◽  
The International Monetary Fund

After the 2008 financial crisis, the International Monetary Fund realises that reforms are needed to reduce the reliance on the US dollar as the only international reserve currency. It began to nurture super-sovereign reserve money where SDR (Special Drawing Rights) is the most favourable candidate. Joining SDR will push forward China’s exchange rate reform to meet the standard of a real international reserve currency, which requires more skilful domestic and international policy coordination.

Trade & Jobs: The Brazilian Connection

Worldview ◽  
1984 ◽  
Vol 27 (12) ◽  
pp. 9-11
Author(s):  
Marc Levinson
Keyword(s):  
At Risk ◽  
Latin America ◽  
International Monetary Fund ◽  
Public Support ◽  
Special Drawing ◽  
Private Matter ◽  
Special Drawing Rights

"Borrowers should pay their debts." Most Americans would agree with this maxim and would probably apply it to debtor countries as well. There is little sympathy in evidence for the debtors, and even less for the money-center banks whose capital is badly at risk in Latin America. The discussions of such esoterica as International Monetary Fund loans, special drawing rights, and debt refinancing bring yawns. Undoubtedly, the Reagan administration's view that debt is a private matter, to be resolved between debtor countries and their creditor banks, enjoys wide public support.

Lessons from the past: capital markets during the 19th century and the interwar period

1985 ◽  
Vol 39 (3) ◽  
pp. 383-439 ◽  
Author(s):  
Albert Fishlow
Keyword(s):  
Developing Country ◽  
19Th Century ◽  
International Monetary Fund ◽  
Interwar Period ◽  
Federal Reserve ◽  
The Past ◽  
The 19Th Century ◽  
The International Monetary Fund ◽  
The U.S ◽  
Sudden Collapse

On Friday, 13 August 1982, Finance Minster Jesus Silva Herzog of Mexico made a series of visits to the International Monetary Fund, the Federal Reserve, and the U.S. Treasury. His message to each was the same: Mexico could no longer continue to service its debt. Thus began a dramatic weekend of negotiations that marked the end of the preceding decade's buoyant expansion of developing country debt and the start of a still continuing response to the sudden collapse.

scholarly journals Un résumé des lignes de force du système monétaire international actuel

2009 ◽  
Vol 55 (1) ◽  
pp. 11-17
Author(s):  
Vély Leroy
Keyword(s):  
International Monetary Fund ◽  
International Monetary System ◽  
Present Situation ◽  
Bretton Woods ◽  
Monetary System ◽  
Special Drawing ◽  
The International Monetary Fund

In this paper the author outlines the forces underlying the present international monetary system. Since creation, in Bretton Woods, of the International Monetary Fund, two important amendments have been brought to the statutes of this institution. First, in July 1969, a Special Drawing mechanism was created; second, following the April 1978 amendment, the Special Drawing Right system is no longer based on gold. The fundamental reasons for this evolution and the problems raised by the present situation are emphasized.

scholarly journals Special Drawing Rights: International Monetary Support for Developing Countries in Times of the COVID-19 Crisis

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Kevin Gallagher ◽  
José Antonio Ocampo ◽  
Ulrich Volz
Keyword(s):  
Developing Countries ◽  
Emerging Economies ◽  
Developed Countries ◽  
International Liquidity ◽  
Exogenous Shock ◽  
Health Crisis ◽  
Special Drawing ◽  
Emerging And Developing Countries ◽  
Special Drawing Rights ◽  
The International Monetary Fund

AbstractA major issuance of special drawing rights (SDRs) through the International Monetary Fund would be a key tool to provide financial support to developing and emerging economies and limit the economic and financial fallout of the COVID-19 crisis. SDRs are an unconditional resource, and the case for such an allocation is very strong during an exogenous shock, such as the current one. An SDR allocation would enhance the international liquidity in the hands of emerging and developing countries, so that public responses to the health crisis are not imperilled by financial crises. Close to two-fifths of a new SDR allocation would directly go to developing and emerging economies. In addition, a new mechanism should be created through which countries that do not need their SDR allocation lend them to the IMF, to increase the Fund’s lending capacity. Developed countries can also allocate the SDRs they do not use for official development assistance.

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