Special Drawing Rights in the International Monetary Fund, Hearing ... 90-2, on S. 3423, H.R. 16911, May 13, 19681968 - 109 páginas |
Palavras e frases frequentes
85 percent accept amount approval Articles of Agreement authority balance of payments billion Board of Governors borrowing Bretton Woods Bretton Woods system cent central banks Committee Congress created creation Daane DALE decision Drawing Right certificates Drawing Rights facility Drawing Rights plan economic EDDY effect Exchange Stabilization Fund Executive Directors Federal Reserve Federal Reserve System foreign exchange gold reserve Government growth HICKS holdings increase inflation international monetary arrangements International Monetary Fund international monetary system international reserves issue legislation major member countries ment monetary reserves nations negotiations obligation official participating countries payments deficit period policies President price of gold problems purchasing media quotas reserve asset reserve currencies scheme SDR plan SDR's Secretary FOWLER Senator MUNDT Senator SPARKMAN Senator WILLIAMS Special Drawing Account Special Drawing Rights statement tion transactions transfer Treasury U.S. balance U.S. dollar U.S. gold United Kingdom voting power weighted vote
Passagens conhecidas
Página 30 - To give confidence to members by making the Fund's resources available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity.
Página 25 - America an instrument setting forth that it has accepted this Agreement in accordance with its law and has taken all steps necessary to enable it to carry out all of its obligations under this Agreement.
Página 18 - Before making any proposal, the Managing Director, after having satisfied himself that it will be consistent with the provisions of Section 1 (a) of this Article, shall conduct such consultations as will enable him to ascertain that there is broad support among participants for the proposal.
Página 18 - In all its decisions with respect to the allocation and cancellation of special drawing rights the Fund shall seek to meet the long-term global need, as and when it arises, to supplement existing reserve assets in such manner as will promote the attainment of its purposes and will avoid economic stagnation and deflation as well as excess demand and inflation in the world.
Página 50 - Moreover, as the existing stock of monetary gold is sufficient in view of the prospective establishment of the facility for special drawing rights, they no longer feel it necessary to buy gold from the market. Finally, they agreed that henceforth they will not sell gold to monetary authorities to replace gold sold in private markets.
Página 11 - Participants Each member of the Fund that deposits with the Fund an instrument setting forth that it undertakes all the obligations of a participant in the Special Drawing...
Página 50 - The Governors of the Central Banks of Belgium, Germany, Italy, the Netherlands, Switzerland, the United Kingdom, and the United States met in Washington on March 16 and 17, 1968 to examine operations of the gold pool, to which they are active contributors. The Managing Director of the International Monetary Fund and the General Manager of the Bank for International Settlements also attended .the meeting.
Página 43 - Events of recent months — the shock to the international monetary system following the devaluation of sterling and the strong reinforcement of the US balance of payments program — lend greater timeliness to the implementation of the Rio Agreement. Once the SDR Amendment is completed by the Executive Board of the International Monetary Fund and approved by its Board of Governors, I would hope that governments would proceed promptly to seek ratification from their legislatures. THE ROLE OF GOLD...
Página 43 - ... two major problems facing the international monetary system calls for an increase in the price of gold. Such a step is neither necessary nor desirable as a solution to the problem of international payments imbalance or to the problem of assuring adequate growth in international reserves. It would be highly disruptive and highly inequitable. A small increase in the gold price would inevitably engender expectations of additional increases in the not-distant future, thus leading both private and...
Página 9 - The first decision to allocate special drawing rights shall take into account, as special considerations, a collective judgment that there is a global need to supplement reserves, and the attainment of a better balance of payments equilibrium, as well as the likelihood of a better working of the adjustment process in the future.