Reserve-asset Preferences of Central Banks and Stability of the Gold-exchange Standard PDF Download

Author: Peter B. Kenen
Publisher:
ISBN:
Category : Banks and banking, Central
Languages : en
Pages : 118

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Author: Age Bakker
Publisher: Edward Elgar Publishing
ISBN: 1782541675
Category : Business & Economics
Languages : en
Pages : 257

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Book Description
This book addresses the welfare gains and costs of accumulating foreign exchange reserves and the implications for the functioning of the global financial system. The tremendous growth of central bank reserves has led to an increased focus on raising returns in addition to the traditional preference central banks have for maintaining liquid portfolios. Issues such as asset and currency diversification, the impact of new accounting rules and the profit distribution agreements with the government are analysed, adding new insights to the current debate on the optimal size of central bank reserves. This book brings together a wide range of experts from central banks, investment banks and the academic community.

Author: Heinz Robert Heller
Publisher:
ISBN:
Category : Bank reserves
Languages : en
Pages : 44

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Author: Barry J. Eichengreen
Publisher: Methuen Publishing
ISBN:
Category : Gold standard
Languages : en
Pages : 300

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Book Description
Since the successful first edition of "The Gold Standard in Theory and History" was published in 1985, much new research has been completed. This updated version contains five new essays including post-1990 literature on exchange rate target zones; a discussion of the light shed by the gold standard on the European Monetary Union debate; and a new introduction by Professor Eichengreen with Marc Flandreau. This will be an invaluable resource for students of macroeconomics, international economics and economic history at all levels.

Author: Heinz-Peter Spahn
Publisher: Springer Science & Business Media
ISBN: 9783540416050
Category : Business & Economics
Languages : en
Pages : 242

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Book Description
This book shows that the use of money transforms a market economy into a payment society where production and employment are subordinated to the logic of asset markets. Monetary policy emerged out of private banking business and was always exposed to the risk of losing credibility and reputation. The stability of key currency systems was based on different policy preferences. A simple game-theoretic macro model explains the working and the downfall of the gold standard, Bretton Woods and the European Monetary System. It is shown that waning willingness to accept foreign leadership in monetary policy affairs propelled the creation of the euro.

Author: Michael D. Bordo
Publisher:
ISBN:
Category : Gold standard
Languages : en
Pages : 98

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Book Description
In this paper we analyze the changing role of gold in the international monetary system, in particular the persistence of gold holdings by monetary authorities for 20 years following the breakdown of the Brettone Woods system system and the Second Amendment to the Articles of Agreement of the International Monetary Fund which severed the formal link to gold. We stress four points. First, the gold-exchange standard was a recent arrangement that emerged only around 1900 in response to a set of historically-specific factors which also help to account for it smooth operation. How long those factors would have continued to support it will never be known, due to a great war and then a great depression. Second, a system which relied on inelastically supplied precious metal and elastcially suppled foreign exchange to meet the the world economy's demand for reserves was intrinsically fragile, prone to confidence problems, and a transmission belt for policy mistakes. Third, network externalities, statutory restrictions and habit all contributed to the persistence of the practice of holding gold reserves. But the hold of even factors as powerful as these inevitably weakens with time and the effects of their erosion are reinforced by the rise of international capital mobility, which increases the ease of holding other forms of reserves, both unborrowed and borrowed, and by the shift to greater exchange-rate flexibility, which according to our results diminishes the demand for reserves in general. Fourth and finally, network externalities, in conjunction with central bankers' collective sense of responsibility for the stability of the price of what remains an important reserve asset, suggest that the same factors which have long held in place the practice of holding gold reserves, when they come unstuck, may become unstuck all at once.

Author: International Monetary Fund. Statistics Dept.
Publisher: International Monetary Fund
ISBN: 1484350162
Category : Business & Economics
Languages : en
Pages : 92

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Book Description
This book is an update of the Guidelines published in 2001. It sets forth the underlying framework for the Reserves Data Template, and provides operational advice for its use. The updated version also includes three new appendices aimed at assisting member countries in reporting the required data.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 214

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Book Description
Of country practices -- Country case studies -- Appendixes.

Author: Board of Governors of the Federal Reserve System
Publisher:
ISBN: 9780894991967
Category : Banks and Banking
Languages : en
Pages : 0

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Book Description
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Author: Eric Monnet
Publisher: International Monetary Fund
ISBN: 1498326773
Category : Business & Economics
Languages : en
Pages : 32

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Book Description
Why did monetary authorities hold large gold reserves under Bretton Woods (1944–1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer an institution spent in the gold standard (and the older the policymakers), the stronger the correlation between gold reserves and currency. Since dollars and gold were not perfect substitutes, the Bretton Woods system never worked as expected. Even after radical institutional change, history still shapes the decisions of policymakers.