- Nature of International Reserves. - International reserves. - Enable nations to finance disequilibrium in their balance-of-payments positions. - Settled with international reserves. - Enable nations to sustain temporary balance-of-payments deficits. - Demand for International Reserves. - Demand for international reserves. - Monetary value of international transactions. - Disequilibrium that can arise in balance-of- payments positions. - Speed and strength of the balance-of- payments adjustment mechanism. - Overall institutional framework of the world economy. - Exchange-rate flexibility. - Changes in the degree of exchange-rate flexibility. - Inversely related to changes in the quantity of international reserves demanded. - When exchange rates are fixed (pegged) by monetary authorities, international reserves are necessary for the financing of payment imbalances and the stabilization of exchange rates.. - With floating exchange rates, payment imbalances tend to be corrected by market-induced fluctuations in the exchange rate. - the need for exchange-rate stabilization and international reserves then disappears.. - international reserves and exchange-rate flexibility. - The less will be its need for international reserves. - Reduce the demand for international reserves. - Quantity demanded of international reserves. - Positively related to the level of world prices and income. - Supply of International Reserves. - Total supply of international reserves. - continued to provide reserves to the world through its payments deficits. - ON Should SDRs replace the dollar as the world’s. - reserve currency?. - Main reserve currency in the world today. - Volatility of the dollar. - 2009, China - Special Drawing Right (SDR) to replace the dollar. - Based on a basket of currencies instead of just the dollar. - China - cushion any depreciation in the dollar’s exchange value. - Support aggregate demand in the world. - Economic welfare of the world should not depend on the behavior of a single. - SDR is backed by nothing other than the good faith and credit of the IMF. - Who would determine the “right price” of the SDR?. - International means of payments. - Fixed relation to the monetary stock of gold. - Growth in the money supply. - At a rate that corresponded to the growth in real national output. - Required citizens to turn in their private holdings to the U.S. - To economize on monetary gold stocks as international reserves. - The dollar - chief reserve currency of the international monetary system. - The dollar – convertible to gold. - All other currencies – pegged to the dollar. - balance-of-payments position. - In addition to the dollar and gold. - Main function: unit of account of the IMF and some other international organizations. - Some of the IMF’s member nations peg their currency values to the SDR. - The weights of the currencies reflect the amount of exports and imports of these countries during the previous five years. - Reverse the transaction when the balance-of- payments position improves. - Do not provide a permanent increase in the supply of world reserves. - adaptable to the needs of deficit nations. - The probability that part or all of the interest or principal of a loan will not be repaid. - The Problem of International Debt. - Resulting from the huge increases in the price of oil. - macroeconomic policies that contribute to large balance-of-payments deficits. - Stability of the international financial system. - Loan sales to other banks in the secondary market. - Government of the debtor nation buys the. - Commercial bank sells its loans at a discount to the developing-nation government. - For local currency, which it then uses to finance an equity investment in the debtor nation. - Use of negotiated modifications in the terms and conditions of the contracted debt. - contractual obligations of the debtor nation. - Three-fourths of the volume of transactions. - Eurodollars increase the efficiency of international trade and finance
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