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Full-Text Articles in Social and Behavioral Sciences
Real Sdr Currency Board, Warren Coats
Real Sdr Currency Board, Warren Coats
Warren Coats
An enhanced special drawing right (SDR), valued by a basket of goods, would provide the global currency and reserve asset the global economy craves. This paper proposes linking the value of the International Monetary Fund’s SDR and national currencies that fix their exchange rates to the SDR to a representative basket of widely traded goods. The new “real SDR” would be issued and redeemed passively according to “Currency Board” rules in exchange for financial assets with the same market value as the basket. National currencies and/or an international reserve currency with the same value (i.e. fixed to a common unit …
Central Banks And Economic Development, Warren Coats, Gary Gegenheimer
Central Banks And Economic Development, Warren Coats, Gary Gegenheimer
Warren Coats
South Sudan is establishing a central bank to issue and regulate a new currency, and to supervise payment systems and financial firms. The provisions of the law that establish and regulate the new central bank are critically important for how well it contributes to the economic development and well being of the new country. This note explores for discussion the key issues covered in a central bank law relating to its objectives for its currency, its independence for pursuing those objectives, and the governance structure under which it operations to maximize its commitments to those objectives.
A Global Currency For A Global Economy: Getting From Here To There, Warren Coats
A Global Currency For A Global Economy: Getting From Here To There, Warren Coats
Warren Coats
In this paper Dr. Warren Coats proposes stabilizing the value of money by linking it to an independently defined unit of account with a relatively constant real value. A common unit of account would lower the cost of trading by reducing transaction and information costs and would increase world trade and improve the efficiency of international resource allocation. The unit he suggests, a commodity basket, would not have the shortcomings that afflict the gold standard-gold's fluctuating relative value. The link between money and this unit that he suggests, fixing the value of a unit of money in terms of the …