Floating Currencies, SDR's & Gold Further Legal Developments

Floating Currencies, SDR's & Gold Further Legal Developments PDF

Author: International Monetary Fund

Publisher:

Published: 1977

Total Pages: 116

ISBN-13: 9781451958195

DOWNLOAD EBOOK →

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.

Floating Currencies, Gold, and SDR's

Floating Currencies, Gold, and SDR's PDF

Author: International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Published: 1976-01-05

Total Pages: 96

ISBN-13: 9781451938326

DOWNLOAD EBOOK →

This paper outlines legal developments related to floating currencies, gold, and special drawing rights (SDRs) in the IMF. The Articles of the Fund require each member to establish a par value for its currency in terms of gold as a common denominator. Alternatively, the par value may be expressed in terms of the U.S. dollar of the weight and fineness in effect on July 1, 1944, the effect of which is simply to express the par value indirectly in terms of gold. In this paper, application of existing provisions and valuation of the SDR are discussed in detail, and the new provisions and practices are also elaborated.

Lanterna Rally - Theme by Grace Themes