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Mr. Joseph Gold

Abstract

En esta publicación se presenta la séptima encuesta sobre la evolución de la legislación y la práctica monetaria internacional y nacional en relación con los derechos especiales de giro (DEG), las monedas y el oro. Desde la publicación del folleto No. 40 en 1983, el FMI ha adoptado tres decisiones publicadas sobre la supervisión de las políticas de tipo de cambio de los países miembros. La lista de monedas se mantuvo sin cambios debido a que la participación del país que ocupa el sexto lugar en las exportaciones de bienes y servicios en relación con el total mundial (Italia) fue inferior a la participación del país que ocupa el quinto lugar (Reino Unido).

Mr. Joseph Gold

Abstract

Cette brochure est le septième exposé consacré aux changements intervenus, sur le plan international et national, dans la législation et dans la pratique monétaire, concernant les droits de tirage spéciaux (DTS), les monnaies et l'or. Le FMI a adopté trois décisions publiées sur la surveillance des taux de change des pays membres depuis la publication de la brochure n° 40 en 1983. La liste des monnaies est demeurée inchangée du fait que l'Italie arrive au sixième rang des exportateurs de biens et de services avec une part du total mondial inférieure à celle du cinquième pays, le Royaume-Uni.

Mr. Joseph Gold

Abstract

This paper presents the seventh survey of developments in international and national monetary law and practice involving special drawing rights (SDRs), currencies, and gold. The IMF has adopted three published decisions on surveillance over the exchange rate policies of members since the publication of Pamphlet No. 40 in 1983. The list of currencies remained unchanged because the share of the sixth largest exporter of goods and services in the world total (Italy) was below the share of the member with the fifth largest share (United Kingdom).

International Monetary Fund

Abstract

This paper presents the fourth survey of certain changes in international and national monetary law and practice in relation to special drawing rights (SDRs), currencies, and gold. SDRs have characteristics that enable them to function as a supplement to existing reserve assets in the sense that they can be used as a form of international liquidity by members of the IMF participating in the SDR Department. The IMF has taken decisions to expand the uses of the SDR. Whether or not any of the newly authorized operations take place, the decisions authorizing them must be taken into account in any legal analysis of the character of the SDR.

International Monetary Fund

Abstract

This paper examines legal developments in area of floating currencies, special drawing rights, and gold in the IMF. It highlights that the breakdown of the par value system of the original Articles of the IMF and the failure of the IMF’s efforts to substitute a comparable system based on central rates are producing widespread effects in international and domestic law. The floating of sterling has been an impetus to the reversal of the ancient rule that English courts can give monetary judgments only in sterling. It has also influenced the choice of the exchange rate on the day when payment is actually made.