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Fund Transactions and Reserve Creation, 1951-73
This paper analyzes the extent to which transactions with the International Monetary Fund's General Account have contributed to the growth of international reserves during the period 1951-73. For this analysis, the authors have used the framework described by J. Marcus Fleming in 1964. The liquidity effects of transactions between participants in the Fund's Special Drawing Account are also briefly investigated. Gross reserve creation through Fund transactions arises from increases in unconditional liquidity of members whose currencies are drawn by others, as well as from loans extended to the Fund. In the first approximation, net reserve creation is determined by subtracting members' payments to the Fund of gold and special drawing rights from total reserve positions in the Fund. A more accurate estimate of net reserve creation is obtained by taking into account the net variations in foreign exchange that occur in connection with Fund operations--that is, by estimating the net amount of currencies that remain in the international monetary system (or that are absorbed from it) after drawings (repurchases) from the Fund, net of conversions and swap repayments. The paper attempts to estimate the year-end level of cumulative net reserve creation from 1951 to 1973, as well as its annual variations. Somewhat surprisingly, the analysis of the data does not indicate a close relationship between changes in Fund-generated liquidity and changes in other international reserve assets, except for the last four years of the period examined. Beginning in 1970, the effects of Fund transactions tended to counterbalance, however slightly, the enormous increase in world liquidity from other sources.
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| SP2101 | PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | Washington, D.C.: International monetary fund 1974 |
|---|---|
| Edisi | Vol. 21, No. 1, Mar., 1974 |
| Subjek | International monetary fund International reserves Fund transactions |
| ISBN/ISSN | 0020-8027 |
| Klasifikasi | NONE |
| Deskripsi Fisik | 28 p. |
| Info Detail Spesifik | Staff Papers (International Monetary Fund) |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas |