Since the end of the Bretton Woods era, the world has operatea on a ae jacto system of free-floating exchange rates, with the US dollar as the dominant international currency. The system, characterized by large pro-cy...Since the end of the Bretton Woods era, the world has operatea on a ae jacto system of free-floating exchange rates, with the US dollar as the dominant international currency. The system, characterized by large pro-cyclical capital flows and chronic imbalances, is inherently unstable, and has contributed to repeated crises, recessions and geopolitical tensions. One potentially ＂least-difficult＂ line of reform would be to allow the evolution of a multi-currency system, underpinned by an expanded role for Special Drawing Rights （SDRs）. Attempts to promote wider use of the SDR have foundered on the liquidity premium. However, for Chinese corporations and institutions, at present restricted in their capital account activities, the SDR liquidity premium would appear less daunting, The Chinese authorities eould provide policy encouragement for the use of SDRs by their institutions. This initiative, supported by China＇s Special Administrative Region Hong Kong, would kick-start an international SDR ecosystem, and encourage even broader use of SDRs, to the benefit of international monetary stability.展开更多
The purpose of this paper is to use cross country regression analysis on a large set of countries from around the world for the year 2007 to test the hypothesis that greater instability, political or economic leads to...The purpose of this paper is to use cross country regression analysis on a large set of countries from around the world for the year 2007 to test the hypothesis that greater instability, political or economic leads to reduced levels of human rights. The results of the paper＇s econometric analysis tend to support the hypothesis that increased levels of either political instability or economic instability are detrimental to human rights within countries.展开更多
文摘Since the end of the Bretton Woods era, the world has operatea on a ae jacto system of free-floating exchange rates, with the US dollar as the dominant international currency. The system, characterized by large pro-cyclical capital flows and chronic imbalances, is inherently unstable, and has contributed to repeated crises, recessions and geopolitical tensions. One potentially ＂least-difficult＂ line of reform would be to allow the evolution of a multi-currency system, underpinned by an expanded role for Special Drawing Rights （SDRs）. Attempts to promote wider use of the SDR have foundered on the liquidity premium. However, for Chinese corporations and institutions, at present restricted in their capital account activities, the SDR liquidity premium would appear less daunting, The Chinese authorities eould provide policy encouragement for the use of SDRs by their institutions. This initiative, supported by China＇s Special Administrative Region Hong Kong, would kick-start an international SDR ecosystem, and encourage even broader use of SDRs, to the benefit of international monetary stability.
文摘The purpose of this paper is to use cross country regression analysis on a large set of countries from around the world for the year 2007 to test the hypothesis that greater instability, political or economic leads to reduced levels of human rights. The results of the paper＇s econometric analysis tend to support the hypothesis that increased levels of either political instability or economic instability are detrimental to human rights within countries.
