Legal and institutional aspects of the international monetary system : selected essays PDF
Preview Legal and institutional aspects of the international monetary system : selected essays
US$40.00 (or the equivalent in most currencies) Legal and Institutional Aspects of the International Monetary System: Selected Essays Volume II This volume reproduces, with slight revi- sions, 16 essays contributed by the author to books and periodicals published originally under auspices other than those of the Interna- tional Monetary Fund. A Supplemental Note is attached to most Chapters to provide more recent information on matters of detail. A first volume, consisting of 14 other essays, was published by the Fund in 1979. The author has drawn on his knowledge as a participant in the negotiation and drafting of the First and Second Amendments of the Fund's Articles. The introduction to this second collection discusses the language of the Fund's Articles and the problems of communication. The es- says, which are addressed to all who are interested in the international monetary system and not to lawyers only, are presented in six sections: General Topics, Aspects of the Fund, Exchange Rates, Reserve Assets, Drafting in the Monetary Field, International Law. The first essay in the Section entitled General Topics is, in effect, a monograph that was the basis of a series of lectures delivered at the Academy of International Law at The Hague in 1982. This essay discusses the concept of the international monetary system, its relationship to the Fund and to international monetary law, and the changes that have occurred since 1971. Subsequent essays in the volume amplify some of the topics in the first essay, but examine additional topics as well. Among the topics considered in these essays are the con- cepts of symmetry and its relation to uni- formity, substitution, the relationship between the Fund and the World Bank, the Fund's General Arrangements to Borrow, the impact of ©International Monetary Fund. Not for Redistribution Legal and Institutional Aspects of the International Monetary System: Selected Essays Volume II by Joseph Gold ©International Monetary Fund. Not for Redistribution LEGAL AND INSTITUTIONAL ASPECTS OF THE INTERNATIONAL MONETARY SYSTEM: SELECTED ESSAYS VOLUME II ©International Monetary Fund. Not for Redistribution This page intentionally left blank ©International Monetary Fund. Not for Redistribution Legal and Institutional Aspects of the International Monetary System Selected Essays: Volume II By JOSEPH GOLD INTERNATIONAL MONETARY FUND Washington, D.C. • 1984 ©International Monetary Fund. Not for Redistribution ®1984 by the International Monetary Fund International Standard Book Number: 0-939934-34-5 ©International Monetary Fund. Not for Redistribution CONTENTS PAGE PREFATORY NOTE xvii INTRODUCTION 1 Annex: The Language of the Fund's Articles 11 General Topics 1. DEVELOPMENTS IN THE INTERNATIONAL MONETARY SYSTEM, THE INTERNATIONAL MONETARY FUND, AND INTERNATIONAL MONETARY LAW SINCE 1971 17 Section I: International Monetary System, International Monetary Fund, and International Monetar Law 17 Three Basic Concepts 17 Keynes and White 18 The System as a Legal Concept 22 International Monetary System and Second Amendment 26 An Example of Interplay Among the Three Concepts 29 The Fund and the International Monetary System 36 Section II: Definitions of the International Monetary System 39 Approaches to an Understanding of the Concept 39 A Digression: Excluded Elements? 41 Further Approaches to an Understanding 43 "International" 44 Fund's 1965 Annual Report 48 Further Consideration of "International" 5? "Monetary" 56 Further Consideration of ''Monetary'' 61 Fund and Balance of Payments 6? Balance of Payments: Purposes and Effects 67 A Non-System? 69 Some Consequences of Perception 73 Section III: Former Par Value System 74 Rationale of International Supervision 74 Bretton Woods Principles 76 International Concern 77 Stability Without Rigidity 79 Competitive Exchange Alterations 81 Fixed Exchange Rates 8? V ©International Monetary Fund. Not for Redistribution •CONTENTS Floating Exchange Rates 86 Multiple Currency Practices 87 Discriminatory Currency Arrangements 89 Member's Ultimate Authority 92 Section IV: Proposals to Reform Law on Exchange Arrangements 94 United States Announcement of August 15, 1971 94 Committee of Twenty: U.S. Proposals 98 Outline of Reform 104 Section V: Present Law on Exchange Arrangements 108 Abandonment of Interim Period 108 Principles of Provisions Now in Operation 113 International Concern 113 Stability Without Rigidity 119 Competitive Exchange Alterations 126 Fixed Exchange Rates 127 Floating Exchange Rates 128 Multiple Currency Practices 130 Discriminatory Currency Arrangements 133 Member's Ultimate Authority 134 Versailles Communique 134 Section VI: Some Effects of Present Exchange Arrangements on International Law 136 Problems Under Treaties 136 Measurement of Variation 136 Units of Account 138 Other Problems 140 Pooling of Exchange Risks 141 European Monetary System 142 Section VII: A Possible Par Value System 150 Conditions for Par Value System 150 Some Features of Article IV, Section 4 151 Principles of Schedule C 154 International Concern 154 Stability Without Rigidity 156 Competitive Exchange Alterations 158 Fixed Exchange Rates 159 Floating Exchange Rates 160 Multiple Currency Practices 161 Discriminatory Currency Arrangements 161 Member's Ultimate Authority 161 vi ©International Monetary Fund. Not for Redistribution CONTENTS Section VIII: Convertibility 168 Convertibility in General 168 Market Convertibility 170 Official Convertibility 175 Purchase and Sale of Gold 176 Convertibility Through the Fund 177 Redemption of Balances with SDRs 180 Currency Convertible in Fact 181 Some Characteristics of Official Convertibility 182 Reform: Asset Settlement 183 Second Amendment 187 Market Convertibility 187 Purchase and Sale of Gold 188 Convertibility Through the Fund 188 Redemption of Balances 191 Freely Usable Currencies 192 Section IX: Reserve Assets 194 Definition 194 Need for Reserves 199 Types of Reserves 200 SDRS 203 Characteristics 204 Uses 205 Alleged Continuing Disadvantages 210 Gold 216 Change in Role of Gold 216 Gold Under Second Amendment 219 Some consequences of fluctuating price 222 Domestic price of gold 223 ECUs 227 Issue of ECUs 227 Settlements 229 Exchanges and unwinding 231 Development of ECU 232 ECU and SDR 234 Reserve Currencies 235 Section X: A Summary 238 Sections I and II, 238 Section III 240 Section IV 241 Section V 242 vii ©International Monetary Fund. 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