International Monetary Reform and Exchange Rate Management: Hearings Before the Subcommittee on International Trade, Investment and Monetary Policy of the Committee on Banking, Currency and Housing, House of Representatives, and the Subcommittee on International Economics of the Joint Economic Committee, Ninety-fourth Congress, First Session, July 17, 18, and 21, 1975U.S. Government Printing Office, 1975 - 236 pages |
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Common terms and phrases
adjustment agree agreement appreciation arrangements balance of payments balance-of-payments believe billion Bretton Woods system Canadian dollar capital central banks Chairman REUSS CONGR cost current account depreciation deutsche mark devaluation dollar overhang domestic Dornbusch exchange rate changes exchange rate movements exchange rate system export fixed exchange rates fixed rates flexible exchange rates flexible rates floating currencies floating exchange rates floating rates fluctuations foreign currencies foreign exchange markets France Fund going governments Governor WALLICH important increase inflation rate interest rates Interim Committee international monetary system international trade intervention issue KINDLEBERGER major ments monetary authorities monetary policy official price OPEC percent period POMA position price of gold problems Professor LAFFER Professor MEISELMAN question REES relative reserve currency role of gold SDR's Secretary SIMON sell speculation stability statement SUBCOMMITTEE ON INTERNATIONAL Swiss franc Thank tion trade balance trade-weighted TSONGAS U.S. dollar United vis-a-vis WOOLDREDGE
Popular passages
Page 220 - ... a complete set of agreed amendments on gold, including the abolition of the official price and freedom for national monetary authorities to enter into gold transactions under certain specific arrangements, outside the Articles of the Fund, entered into between national monetary authorities in order to ensure that the role of gold in the international monetary system would be gradually reduced.
Page 208 - Statement by Henry C. Wallich Member, Board of Governors of the Federal Reserve System before the Subcommittee on International Finance of the Committee on Banking and Currency US House of Representatives August 13, 1974 Mr.
Page 48 - I am not trying to put words in your mouth. I am trying to elicit from you what you really think about this.
Page 1 - The subcommittee met at 2:10 pm, pursuant to notice, in room 2222, Rayburn House Office Building, Hon.
Page 178 - ... (iii) obligations to use gold in payments between the Fund and members should be abrogated ; (iv) there should be the sale of a portion of the Fund's gold at the approximate market price for the benefit of developing members in general, and particularly those with low income, and the sale of another portion to members at the present official price; (v) with respect to the rest of the Fund's gold there should be a range of broad enabling powers, exercisable with a high majority; (vi) a reasonable...
Page 179 - Committee noted with satisfaction that progress had been made in reaching agreement on quota increases to be proposed for individual countries. The Committee agreed that for the quota increases proposed as a result of this review, and subject to the amendment of the Articles, members should be given an option to pay 25 per cent of the increase in quota (which in the past members have had to pay in gold) in special drawing rights (SDRs), the currencies of certain other members, subject to their concurrence,...
Page 178 - ... income, and the sale of another portion to members at the present official price. (v) With respect to the rest of the Fund's gold, there should be a range of broad enabling powers, exercisable with a high majority. (vi) A reasonable formula should be found for understandings on transactions by monetary authorities with each other and in the market, which would include understandings that would be designed to avoid the re-establishment of an official price and would deal with the volume of gold...
Page 109 - But there are many other functions of money, such as a unit of account, a store of value, and a standard of deferred payment.
Page 179 - ... the question of majorities for the adoption of decisions of the Fund on important matters, a majority of eighty-five percent should be required under the amended Articles for those decisions that can now be taken by an eighty per cent majority. It also agreed that amendments of the Articles should become effective when accepted by three-fifths of the members having eighty-five per cent of the total voting power. 6. The Committee discussed the problem of gold, including the disposition of the...
Page 58 - ... because the longer it is put off, the more complex, and knotty it is going to become. I am happy that we are looking at this. I think it is going to be a good beginning to resolving this. Mr. HALEY. The gentleman from Oklahoma? Mr. EDMONDSON . Mr. Chairman, I want to compliment the very distinguished chairman of the full committee and also the chairman of the subcommittee for undertaking this subject at this stage in a session in which we are committed to try to complete our business by July...