Transcript of a Panel Discussion on the Role and Governance of the IMF: Further Reflections on Reform - The Per Jacobsson Foundation Oct 16, 2008
For a quarter of a century or so after its foundation, the Fund was remarkably successful in promoting the removal of exchange restrictions within a fixed exchange rate system. And subsequently following the breakdown of fixed exchange rates, it played a pivotal role in helping member countries deal with periodic payments difficulties as their economies and financial systems were integrated into the global economy. (IMF News)
Oman to maintain dollar-peg exchange policy Oct 11, 2008
According to him, Oman has chosen the fixed exchange rate system and pegged its currency rial to U.S. dollar since 1973. Oman, a member of the Gulf Cooperation Council (GCC), announced in December 2006 that it would not join the GCC single currency by2010. (Xinhuanet, China)
Public Information Notice: IMF Executive Board Concludes 2008 Article IV Consultation with Mali Jul 30, 2008
Directors agreed that the CFA franc-based fixed exchange rate system has served Mali well, and that it has provided a solid anchor for economic stability. They nonetheless stressed the need to avoid an erosion of competitiveness and encouraged the authorities to continue monitoring developments closely. (IMF News)
The Dollar Has Fallen And Can't Get Up Jun 28, 2008
History shows us that there have only been four completed currency trends since the removal of the dollar from the Bretton Woods fixed exchange rate system in 1971. These currency trends have alternated from weak dollar to strong dollar, and then repeated. (Forbes -- Markets)
Taming capital inflows in India Oct 19, 2007
The central bank has been behind the curve in accepting that the growing Indian trade and investment linkages with the world have effectively robbed the monetary authority of its ability to simultaneously pursue an independent interest rate policy and aspire to an almost fixed exchange rate system. Conservative policy makers and apathetic politicians have collectively dug themselves into a hole. (International Herald Tribune)
Capital volatilities an ever-present threat Jul 23, 2007
Indonesia had liberalized its capital account, but still maintained its fixed exchange rate system. This fixed exchange rate system gave companies the perception that the risk of foreign currency-denominated debt was small. (Jakarta Post, Indonesia -- Editorial)
* Thai prime minister endorses package of measures to rein in currency's rise Jul 21, 2007
The Thai prime minister yesterday agreed on new measures aimed at curbing the baht's rise, while the central bank governor insisted the country would not return to a fixed exchange rate system. "My government has a clear stance that we want to stabilize the currency," army-installed Prime Minister Surayud Chulanont said after meeting with top finance officials. (Taipei Times, Taiwan -- World)
- William Keegan Feb 25, 2007
The Korean War of 1950-53 provided an inflationary shock to the world economy (via higher commodity prices) and the Vietnam War involved inflationary financing in the 1960s, which contributed to a devaluation of the dollar and the collapse in 1971 of the Bretton Woods fixed exchange rate system, which was based on the dollar price of gold. The last straw was the Yom Kippur War of autumn 1973, which prompted a quintupling of the price of oil - the first 'oil shock' - as Opec (the oil-producing... (Guardian Unlimited)
Yuan reform reaffirmed Jan 16, 2007
"In addition to scrapping the fixed exchange rate system, there is a series of deep-rooted problems, including China's growth model, a backward foreign exchange market, weak bank pricing power and a lack of risk management tools," the paper said. Therefore, yuan reform "still has a long way to go" and the progress to date is only "the first step in a long march". (The Brunei Times)
