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Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1498307396
Category : Business & Economics
Languages : en
Pages : 47
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Book Description
This paper explores whether a broader role for the SDR could contribute to the smooth functioning and stability of the international monetary system (IMS). Recent staff assessments highlighted that the IMS has displayed considerable resilience. But episodes of stress point also to some weaknesses, including in external adjustment mechanisms; limitations of official liquidity provisions through the Global Financial Safety Net (GFSN); and large-scale reserve accumulation—with systemic side effects. Those weaknesses, together with the expansion of the SDR basket, have renewed interest in the SDR and motivated a discussion of whether there is an economic rationale for a broader SDR role. The paper looks into how those weaknesses can be mitigated by three concepts of the SDR: the official SDR, the reserve asset administered by the IMF (O-SDR); SDR-denominated financial instruments, or “market SDRs” (M-SDR); and the SDR as a unit of account (U-SDR). However, the paper does not propose specific reform options.
Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1498307396
Category : Business & Economics
Languages : en
Pages : 47
Get Book Here
Book Description
This paper explores whether a broader role for the SDR could contribute to the smooth functioning and stability of the international monetary system (IMS). Recent staff assessments highlighted that the IMS has displayed considerable resilience. But episodes of stress point also to some weaknesses, including in external adjustment mechanisms; limitations of official liquidity provisions through the Global Financial Safety Net (GFSN); and large-scale reserve accumulation—with systemic side effects. Those weaknesses, together with the expansion of the SDR basket, have renewed interest in the SDR and motivated a discussion of whether there is an economic rationale for a broader SDR role. The paper looks into how those weaknesses can be mitigated by three concepts of the SDR: the official SDR, the reserve asset administered by the IMF (O-SDR); SDR-denominated financial instruments, or “market SDRs” (M-SDR); and the SDR as a unit of account (U-SDR). However, the paper does not propose specific reform options.
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498339484
Category : Business & Economics
Languages : en
Pages : 43
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Book Description
The SDR has enjoyed renewed attention lately in the context of debates on international monetary reform. To be sure, the term SDR has been used to refer to three different concepts—(i) a composite reserve asset created in 1969: the “official SDR” as defined in the Fund’s Articles; (ii) a potential new class of reserve assets: tradable SDRdenominated securities issued by the Fund or an investment vehicle backed by a subset of the Fund’s membership; and (iii) a unit of account, which could be used to price internationally traded assets (e.g., sovereign bonds) and goods (e.g., commodities), to peg currencies, and to report balance of payments data. All three are discussed in this paper.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498345441
Category : Business & Economics
Languages : en
Pages : 25
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Book Description
Following the recent diagnostic of the international monetary system (IMS), the IMF will explore whether a broader role for the SDR could contribute to its smooth functioning. The economic rationale for or against broader use of the SDR will be examined, focusing in particular on identifying any gaps and market failures the SDR could help address in light of the increasingly multi-polar nature of the global economy and growing financial interconnectedness. This note sets out some initial considerations on this matter. The note sketches some key issues bearing on the role of the SDR in each of three concepts: (i) the official SDR, or “O-SDR”, the composite reserve asset issued and administered by the IMF; (ii) SDR-denominated financial market instruments, or “M-SDRs,” which could be both issued and held by any parties; and (iii) the SDR as a unit of account. M-SDRs reduce foreign exchange and interest rate risk relative to single-currency instruments, but there are some drawbacks and challenges. The basket nature of M-SDRs would allow the volatility of returns to be lower than for a similar singlecurrency instrument. However, the SDR only represents one of many possible sets of portfolio weights, and issuers or investors could use existing instruments to replicate their preferred weights at a relatively low cost. There are also challenges to market development, including settling and clearing of M-SDR transactions, dealing with potential basket redefinition, and fostering secondary market trading in order to generate liquidity and market depth. There are potential benefits to using the SDR as a unit of account, which have to be weighed against other considerations. Publishing economic statistics and financial statements in SDR terms could help users identify valuation changes. Statistical authorities would need to invest in communicating the rationale for any change in practices. While the official SDR under its current framework is not playing a significant role in the IMS, a re-examination of its role is expected to inform whether any specific reform options should be pursued. The evolution of the IMS has given rise to an active debate on how much concern is posed by high rates of reserve accumulation, global imbalances, and rising claims on reserve issuers, and on whether the O-SDR could contribute to addressing these issues.
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498335632
Category : Business & Economics
Languages : en
Pages : 23
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Book Description
Against the backdrop of the global financial crisis, the IMF has decided to implement a US$250 billion general allocation of special drawing rights (SDRs). In addition, the Fourth Amendment of the Fund’s Articles of Agreement has recently become effective, and will make available to SDR Department participants a special allocation of up to an additional SDR 21.5 billion (US$33 billion). Nearly US$115 billion of these combined allocations will go to emerging market and developing countries, including about US$20 billion to low-income countries (LICs), thereby providing an important boost to the reserves of countries with the greatest needs.
Author: Alexander M. Wyglinski
Publisher: Artech House
ISBN: 1630814598
Category : Technology & Engineering
Languages : en
Pages : 375
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Book Description
Based on the popular Artech House classic, Digital Communication Systems Engineering with Software-Defined Radio, this book provides a practical approach to quickly learning the software-defined radio (SDR) concepts needed for work in the field. This up-to-date volume guides readers on how to quickly prototype wireless designs using SDR for real-world testing and experimentation. This book explores advanced wireless communication techniques such as OFDM, LTE, WLA, and hardware targeting. Readers will gain an understanding of the core concepts behind wireless hardware, such as the radio frequency front-end, analog-to-digital and digital-to-analog converters, as well as various processing technologies. Moreover, this volume includes chapters on timing estimation, matched filtering, frame synchronization message decoding, and source coding. The orthogonal frequency division multiplexing is explained and details about HDL code generation and deployment are provided. The book concludes with coverage of the WLAN toolbox with OFDM beacon reception and the LTE toolbox with downlink reception. Multiple case studies are provided throughout the book. Both MATLAB and Simulink source code are included to assist readers with their projects in the field.
Author: Mr.Dong He
Publisher: International Monetary Fund
ISBN: 149836327X
Category : Business & Economics
Languages : en
Pages : 42
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Book Description
New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions.
Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1484330870
Category : Business & Economics
Languages : en
Pages : 196
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Book Description
IMF Financial Operations 2018 provides a broad introduction to how the IMF fulfills its mission through its financial activities. It covers the financial structure and operations of the IMF and provides background detail on the financial statements. It reviews the IMF's three main activities: lending, surveillance, and technical assistance.
Author: Walter H.W. Tuttlebee
Publisher: John Wiley & Sons
ISBN: 0470852631
Category : Technology & Engineering
Languages : en
Pages : 440
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Book Description
Software defined radio (SDR) is one of the most important topics of research, and indeed development, in the area of mobile and personal communications. SDR is viewed as an enabler of global roaming and as a unique platform for the rapid introduction of new services into existing live networks. It therefore promises mobile communication networks a major increase in flexibility and capability. SDR brings together two key technologies of the last decade - digital radio and downloadable software. It encompasses not only reconfiguration of the air interface parameters of handset and basestation products but also the whole mobile network, to facilitate the dynamic introduction of new functionality and mass-customised applications to the user's terminal, post-purchase. This edited book, contributed by internationally respected researchers and industry practitioners, describes the current technological status of radio frequency design, data conversion, reconfigurable signal processing hardware, and software issues at all levels of the protocol stack and network. The book provides a holistic treatment of SDR addressing the full breadth of relevant technologies - radio frequency design, signal processing and software - at all levels. As such it provides a solid grounding for a new generation of wireless engineers for whom radio design in future will assume dynamic flexibility as a given. In particular it explores * The unique demands of SDR upon the RF subsystem and their implications for front end design methodologies * The recent concepts of the 'digital front end' and 'parametrization' * The role and key influence of data conversion technologies and devices within software radio, essential to robust product design * The evolution of signal processing technologies, describing new architectural approaches * Requirements and options for software download * Advances in 'soft' protocols and 'on-the-fly' software reconfiguration * Management of terminal reconfiguration and its network implications * The concepts of the waveform description language The book also includes coverage of * Potential breakthrough technologies, such as superconducting RSFQ technology and the possible future role of MEMS in RF circuitry * Competing approaches, eg all-software radios implemented on commodity computing vs advanced processing architectures that dynamically optimise their configuration to match the algorithm requirements at a point in time The book opens with an introductory chapter by Stephen Blust, Chair of the ITU-R WP8F Committee and Chair of the SDR Forum presenting a framework for SDR, in terms of definitions, evolutionary perspectives, introductory timescales and regulation. Suitable for today's engineers, technical staff and researchers within the wireless industry, the book will also appeal to marketing and commercial managers who need to understand the basics and potential of the technology for future product development. Its balance of industrial and academic contributors also makes it suitable as a text for graduate and post-graduate courses aiming to prepare the next generation of wireless engineers.
Author: Graham R. Bird
Publisher: Psychology Press
ISBN: 9780415299879
Category : Business & Economics
Languages : en
Pages : 318
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Book Description
Bringing together an array of articles, this excellent new book will be required reading for anyone with a serious interest in development studies as well as being an eye-opening read for policy makers involved in the IMF.
Author: International Monetary Fund. Asia and Pacific Dept
Publisher: International Monetary Fund
ISBN: 1498344313
Category : Business & Economics
Languages : en
Pages : 65
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Book Description
This paper lays out initial considerations for the quinquennial review of the method of valuation of the Special Drawing Right (SDR) currency basket. As in previous reviews, a key objective is to enhance the attractiveness of the SDR as an international reserve asset. In that context, the review will assess the currencies for SDR basket inclusion, currency weights, and the SDR interest rate basket. The paper takes as a starting point the conclusions of the last review in 2010 and the subsequent Board discussion of currency selection criteria in 2011. At the time of the last review, China met the gateway export criterion but the renminbi (RMB) was not included in the SDR basket as it was not judged to be freely usable, the second currency selection criterion. In light of the Board’s broad support in 2011 for the existing legal framework, and since China continues to meet the export criterion, this paper discusses building blocks relevant for a future determination on whether to include the RMB in the basket under the existing criteria.
