International Monetary Reform: A specific set of proposals

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Cover Half Title Title Page Copyright Page Table of Contents List of illustrations Abbreviations Acknowledgement 1. Introduction 2. The context The Palais-Royal Report 'External Sector Reports’ of the IMF The Cline-Williamson studies Concluding remarks 3. The case for making the IMF the lender of last resort Existing arrangements A proposal The nature of the political authority The practical operation of the proposal The range of circumstances in which the proposal would help 4. How to adjust The Meade theorem Floating Countries that have entered a monetary union Small countries 'Typical’ emerging market countries Can intervention be successful? Is intervention alone sufficient? The reference rate proposal Summary 5. When to adjust Historical concerns with surplus countries The design of pressures on surplus countries The Williamson solution The design of a reference rate system The relationships to other approaches How much difference would a reference rate make? Concluding remarks 6. The question of reserves The dollar standard The multiple reserve currency system A yuan standard The SDR standard Selecting a reserve system Determining the rate of SDR creation Increasing the desire to hold SDRs Summary 7. A logical extension: SDRs as the only reserve asset Intervention in SDRs Conditions for a thriving private market in SDRs Replacing reserve currencies with the SDR Concluding remarks 8. Negotiating the reforms The USA China Western Europe/other advanced countries Emerging markets and developing countries (excluding China) Summary 9. Legislating the reforms Which Articles would have to be changed? Modernizing the Fund Adjustment Enthroning the SDR 10. The reformed system in action The impact in May 2010 The People’s Republic of China Singapore Sweden: a market-induced undervaluation Switzerland: was the Swiss franc undervalued? Germany: another failure The Netherlands The USA: permanent overvaluation? Brazil 11. Reform by US unilateralism? Bergsten’s argument The goals The sanctions The strategy 12. Concluding remarks Appendix References Index