The Experts below are selected from a list of 138 Experts worldwide ranked by ideXlab platform
Stephen Muddiman - One of the best experts on this subject based on the ideXlab platform.
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A New Model
Ecosystem Services, 2019Co-Authors: Stephen MuddimanAbstract:In this chapter Muddiman draws together the issues identified in previous Chapters and sets out to establish an alternative model for bringing together the environment and economics paying particular attention to both the concept of Ecosystem Services and the potential to embed environmental issues firmly within the financial framework. In particular, this Chapter looks critically at issues of credit provision, land ownership and property Rights and the use of sound money. This Chapter presents a completely new approach to environmental valuation. It proposes the establishment of a biodiversity backed financial vehicle, as part of the Special Drawing Right system of the IMF, using blockchain technology to facilitate its use as a global means of settling international debts.
David B. Ekpenyong - One of the best experts on this subject based on the ideXlab platform.
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Can the Special Drawing Right (S.D.R.) Become an Acceptable Reserve Currency of the International Monetary Fund (I.M.F.) in the Midst of Strong Resistance by Developed Countries Captained by the U.S.A.?: Critical Appraisal
2007Co-Authors: David B. EkpenyongAbstract:From the inception of International Monetary System (I.M.S.) the system has been facing liquidity problem. Starting with the gold standard, the limited stock of gold could not cope with the increasing world trade. The introduction of the gold-exchange standard which included some key currencies as the American dollar, the British pound sterling, German mark, French franc and Swiss franc. This experiment did not meet the increasing world trade and with economic and political dominance of America, the I.M.S. shifted to what in many circles became the "pure dollar system". As more developing countries joined the system and with the increasing dependency of the system on U.S. balance of payments deficit, the I.M.F. decided to introduce the Special Drawing Right (S.D.R.) as a reserve currency. Ever since its introduction, the S.D.R. has met stiff resistance particularly by the U.S.A. This study has examined the potential of the SDR serving as a reserve asset which can serve the interest of all countries and free it from particular countries' political influence. The paper concludes that despite the resistance of the U.S. and its allies, as the economies of developing countries match those of the developed countries, the S.D.R. stands a good chance of becoming an acceptable reserve currency of the Fund.
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Can the Special Drawing Right (S.D.R.) Become an Acceptable Reserve Currency of the International Monetary Fund (I.M.F.) in the Midst of Strong Resistance by Developed Countries Captained by the U.S.a.?: Critical Appraisal
Journal of Financial Management and analysis, 2007Co-Authors: David B. EkpenyongAbstract:IntroductionAt a time that the survival of the Special Drawing Right (SDR) as an international reserve asset is being threatened, it becomes useful to examine, the original purpose of the asset, and why its future is being threatened, and what this portends for both the dominant members and poor and weak developing members of the International Monetary System (IMS). In short, whose interest is being served by weakening the relevance of the SDR?Principally, the Special Drawing Right (SDR) was to cater to the liquidity problem created by the inconvertibility of the dollar beginning in 1971. This problem was earlier predicted by Swamy ' when he argued that since the stock of gold reserve was dwindling and since gold was linked to the US dollar, it was advisable for the Fund to look for another unit of account (other than the US dollar/gold) to safeguard any dislocation in international trade to forestall the devaluation of the US dollar. This proposal was submitted by Swamy1 to the Joint Economic Committee of the US Government in 1965. As a result of the work of the Group of Ten, the International Monetary Fund (Fund) in its meeting in Rio de Janeiro in 1967, approved the outline agreement of a facility based on SDR in the Fund2. By nature of its structure, the SDR has came to be called "paper gold".Some have argued that the decision to move away from the dollar as the international reserve currency has a lot to do with the faltering economic power of the U.S.A. That faltering power, together with the U.S. chronic balance-of-payments deficits which resulted in the weakening of the dollar, fueled world hunger for a new international reserve asset3.What is SDR and What it Does ?The SDR is an international reserve asset created by the Fund to supplement the existing reserve assets. The primary purpose of creating the SDR was to create a balance in the participants' accounts in order to meet a need for a supplement to existing reserve assets, as and when such need arose. Further uses of the SDR were: to settle financial obligations; make loans of SDR at interest rates and maturities agreed between the parties; repayment of loans and payment of interest with SDR; as a security for the performance of financial obligations in either two ways: participants may pledge SDR which can be earmarked for the duration of the pledge by being recorded in a Special register kept by the fund or participants may agree that SDR would be transferred as security for the performance of an obligation and that the SDR would be returned to the transferor when its obligation under the agreement had been fulfilled.The SDR was to become the unit of account for all purposes of the Fund and could be used by others beyond the participants in the Special Drawing Rights Department and the General Resource Account of the Fund. Some of the member countries of the Fund decided to peg their currencies to the SDR and the SDR came to be used in a variety of ways including mutual agreements. According to Dale4, successful development of an SDR standard could solve many of the problems connected with the present dollar standard. It would permit us to abolish the latter's one-sided advantages and disadvantages for the U.S.A and would be making the world safe for a United States' external equilibrium. A statement by the Research and Policy Committee for Economic Development5 hailed the SDR as the only reserve asset that is based on a conscious management of international reserves tailored to the world's need for liquidity need and based on multilateral agreement; and for not creating confidence problems associated with gold or dollar. That was the thinking at that time even though some experts expressed skepticism on the effectiveness of the paper gold. Halm6 viewed the SDR as nothing "much more than a statistical gimmick". Carbaugh and Fan7 in their study identified some obstacles that would confront the successful implementation of the SDR to be "political, the process of distribution and transition". …
Yu Yongding - One of the best experts on this subject based on the ideXlab platform.
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Reform of the international monetary system: Some concrete steps
2011Co-Authors: Agnès Bénassy-quéré, Jean Pisani-ferry, Yu YongdingAbstract:Reform of the international monetary system is under discussion after three decades of apathy. Tectonic shifts in the balance of international power have made reform more urgent. However, in the short term, there is little chance of a grand redesign of the international monetary system. Nevertheless, concrete steps should be taken. First, consensus is needed on exchange rates, capital flows and reserves. Second, financial safety nets must be improved so that countries do not have to self-insure by accumulating reserves or rely on possible bilateral swap lines to access liquidity. Third, a change in the composition of the Special Drawing Right should be planned for, to strengthen the multilateral framework. The most workable short-term deliverables seem to be (i) guidelines on and surveillance of capital controls; (ii) a new regime for deciding on SDR allocations that would facilitate more frequent use of this instrument; and (iii) the inclusion of the renmimbi in the SDR basket. These reforms would be a partial move, preparing the ground for further developments.
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Reform of the international monetary system: some concrete steps
2011Co-Authors: Agnès Bénassy-quéré, Jean Pisani-ferry, Yu YongdingAbstract:Reform of the international monetary system is under discussion after three decades of apathy. However, in the short term, there is little chance of a grand redesign of the international monetary system. Nevertheless, concrete steps should be taken. First, consensus is needed on exchange rates, capital flows and reserves. This consensus is closer than often assumed, and should be codified in some form of soft law, with provisions for surveillance agreed on. Second, financial safety nets must be improved so that countries do not have to self-insure by accumulating reserves. The least difficult route could be a new regime for deciding on Special Drawing Right allocations that would facilitate more frequent use of this instrument. Third, a change in the composition of the SDR should be planned for, to strengthen the multilateral framework by including the renminbi. These reforms would be a partial move, and would prepare the ground for further developments.
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Reform of the international monetary system: some concrete steps. Bruegel Policy Contribution 2011/03, 8 March 2011
2011Co-Authors: Agnes Benassi-query, Jean Pisani-perrry, Yu YongdingAbstract:Reform of the international monetary system is under discussion after three decades of apathy. Tectonic shifts in the balance of international power have made reform more urgent. However, in the short term, there is little chance of a grand redesign of the international monetary system. Nevertheless, concrete steps should be taken. First, consensus is needed on exchange rates, capital flows and reserves. Second, financial safety nets must be improved so that countries do not have to self-insure by accumulating reserves or rely on possible bilateral swap lines to access liquidity. Third, a change in the composition of the Special Drawing Right should be planned for, to strengthen the multilateral framework. The most workable short-term deliverables seem to be (i) guidelines on and surveillance of capital controls; (ii) a new regime for deciding on SDR allocations that would facilitate more frequent use of this instrument; and (iii) the inclusion of the renmimbi in the SDR basket. These reforms would be a partial move, preparing the ground for further developments.
Agnès Bénassy-quéré - One of the best experts on this subject based on the ideXlab platform.
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Can the Renminbi Make the SDR More Attractive
2011Co-Authors: Agnès Bénassy-quéré, Damien CapelleAbstract:As part of discussions on reforming the international monetary system, there has been renewed interest in the Special Drawing Right (SDR). In April 2011, the finance ministers and central bankers of the G20 decided to work on a “criteria-based path to broaden the composition of the SDR”.1 In practice, this would lead to the inclusion of the Chinese currency in the SDR, alongside the dollar, the euro, the yen and the British pound. This project is motivated by two main objectives: first, to make the SDR more attractive as a store of value and unit of account; second, to strengthen international monetary cooperation. The main obstacle is that the Chinese currency is not "freely usable", in the terminology of the International Monetary Fund. Given the ongoing process of internationalization of the currency and flexibilization of the exchange-rate regime, relatively rapid inclusion of the renminbi in the SDR could bring substantial benefits in terms of representativeness, efficiency and stability.
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Concrete steps toward realistic reforms of the international monetary system
2011Co-Authors: Agnès Bénassy-quéré, Jean Pisani-ferryAbstract:Governor of the People’s Bank of China Zhou Xiaochuan’s famous 2009 paper awakened the debate on the international monetary system from a three-decade long state of apathy . In the run-up to the 2011 French presidency of the G-20, many ideas have been floated about reforming the international monetary system, through reports, papers and conferences . These contributions have eSpecially pointed out the deficiencies of the present system: dependence on a key reserve currency, which in turn leads to asymmetries in the process of adjustment; inability to provide incentives for surplus countries to adjust; disregard for spillovers effects of national monetary policies and as a result the possible inadequacy of the global monetary stance; the developing and emerging countries’ costly reliance on self-insurance through reserve accumulation; inability to channel net capital flows from low-return, advanced economies to high-return, emerging countries; and large real exchange-rate misalignments, sometimes leading to “currency wars” . Old policy dilemmas, such as that of Triffin, have been revisited and old ideas such as the expanding the role of the Special Drawing Right (SDR) have been intensively discussed .
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Reform of the international monetary system: Some concrete steps
2011Co-Authors: Agnès Bénassy-quéré, Jean Pisani-ferry, Yu YongdingAbstract:Reform of the international monetary system is under discussion after three decades of apathy. Tectonic shifts in the balance of international power have made reform more urgent. However, in the short term, there is little chance of a grand redesign of the international monetary system. Nevertheless, concrete steps should be taken. First, consensus is needed on exchange rates, capital flows and reserves. Second, financial safety nets must be improved so that countries do not have to self-insure by accumulating reserves or rely on possible bilateral swap lines to access liquidity. Third, a change in the composition of the Special Drawing Right should be planned for, to strengthen the multilateral framework. The most workable short-term deliverables seem to be (i) guidelines on and surveillance of capital controls; (ii) a new regime for deciding on SDR allocations that would facilitate more frequent use of this instrument; and (iii) the inclusion of the renmimbi in the SDR basket. These reforms would be a partial move, preparing the ground for further developments.
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Reform of the international monetary system: some concrete steps
2011Co-Authors: Agnès Bénassy-quéré, Jean Pisani-ferry, Yu YongdingAbstract:Reform of the international monetary system is under discussion after three decades of apathy. However, in the short term, there is little chance of a grand redesign of the international monetary system. Nevertheless, concrete steps should be taken. First, consensus is needed on exchange rates, capital flows and reserves. This consensus is closer than often assumed, and should be codified in some form of soft law, with provisions for surveillance agreed on. Second, financial safety nets must be improved so that countries do not have to self-insure by accumulating reserves. The least difficult route could be a new regime for deciding on Special Drawing Right allocations that would facilitate more frequent use of this instrument. Third, a change in the composition of the SDR should be planned for, to strengthen the multilateral framework by including the renminbi. These reforms would be a partial move, and would prepare the ground for further developments.
S. Knapp - One of the best experts on this subject based on the ideXlab platform.
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Quantification and analysis of risk exposure in the maritime industry : Averted incident costs due to inspections and the effect of SARS-CoV-2 (Covid19)
2020Co-Authors: S. KnappAbstract:Shipping facilitates global trade and provides essential services even during global pandemics such as SARS-CoV-2 (Covid19). An improved understanding of the magnitude and change of risk exposure has become more important for all maritime stake holders. The present approach quantifies global and regional risk exposure at ship level expressed as the monetary value at risk (MVR) and measures the amount of averted or mitigated incident costs due to inspections which can maritime stakeholders better understand risk exposure and develop strategies and policies to mitigate risk with improved risk control options such as improved risk profiling. The analysis is based on the global fleet using many data sources including ship particulars, inspections, incidents, cargo values, secondhand prices of vessels, Special Drawing Right limits, arrival data and traffic movement data of 133,799 unique IMO. Estimation scenarios are run for the years 2017 to 2020 resulting in millions of computations as risk components are estimated at the individual ship level. The analysis confirms the importance to estimate all components at ship level as safety qualities differ and each vessel benefits differently from an inspection. Estimates of MVR (TLVSS, total loss, very serious and serious incidents) are slightly higher than global insurance premiums and global MVR stands at 13.7 to 17.8 billion USD. Over half of risk exposure is due to other marine liabilities and hull and machinery with cruise vessels leading loss of life and injuries and oil tankers pollution. The top 25 flags account for 87.9% of MVR with open registries in the lead reflecting the structure of the world fleet. In terms of MVR per GRT value, traditional flags, Non-IACS flags and owners located in low to upper middle-income countries show the highest values. Total MVR decreased
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Quantification and analysis of risk exposure in the maritime industry
2020Co-Authors: S. KnappAbstract:Shipping facilitates global trade and provides essential services even during global pandemics such as SARS-CoV-2 (Covid19). An improved understanding of the magnitude and change of risk exposure has become more important for all maritime stake holders. The present approach quantifies global and regional risk exposure at ship level expressed as the monetary value at risk (MVR) and measures the amount of averted or mitigated incident costs due to inspections which can maritime stakeholders better understand risk exposure and develop strategies and policies to mitigate risk with improved risk control options such as improved risk profiling. The analysis is based on the global fleet using many data sources including ship particulars, inspections, incidents, cargo values, secondhand prices of vessels, Special Drawing Right limits, arrival data and traffic movement data of 133,799 unique IMO. Estimation scenarios are run for the years 2017 to 2020 resulting in millions of computations as risk components are estimated at the individual ship level. The analysis confirms the importance to estimate all components at ship level as safety qualities differ and each vessel benefits differently from an inspection. Estimates of MVR (TLVSS, total loss, very serious and serious incidents) are slightly higher than global insurance premiums and global MVR stands at 13.7 to 17.8 billion USD. Over half of risk exposure is due to other marine liabilities and hull and machinery with cruise vessels leading loss of life and injuries and oil tankers pollution. The top 25 flags account for 87.9% of MVR with open registries in the lead reflecting the structure of the world fleet. In terms of MVR per GRT value, traditional flags, Non-IACS flags and owners located in low to upper middle-income countries show the highest values. Total MVR decreased by 4.18% due to the effects of the pandemic but pollution risk exposure increased by 6% in 2020 compared to 2019. Averted yearly incident costs are estimated to be 25% to 40% of global MVR which highlights the importance of port state control inspection programs but as inspection coverage decreased, this translated into a reduction of 6 to 11% of averted incident costs due to inspections in 2020 due to the pandemic.