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Mr. Hamid Faruqee

Abstract

As the world economy undergoes key transitions, the pace of global activity has slowed amid higher financial market volatility. In advanced economies, a modest recovery continues, but unevenly. An expanding U.S. economy, led by consumption and job creation, has enabled interest rate lift-off toward gradual monetary normalization. This transition suggests diverging influences from major central banks over global financial conditions and appreciation pressures on the U.S. dollar. In emerging market economies, growth continues to slow, led by China as it rebalances and by continued stress in several large economies in recession. Financial conditions have tended to tighten and uncertainty has risen amid concerns of slower growth and lack of policy space. Alongside this, commodity prices remain weak—notably, in oil markets where a supply glut has led to appreciably lower prices since last year. Consequently, Canada’s economy is likely to see continued sluggish growth before gradually strengthening as it navigates lower oil prices. The main global risks stem from these ongoing transitions and could derail growth if not managed well. Policy priorities include managing vulnerabilities and rebuilding resilience to transition risks while supporting near-term growth, and enhancing productivity and potential growth through crucial structural reforms.

Abstract

Held in Mangaratiba, Rio de Janeiro, under the sponsorship of the International Monetary Fund, the Central Bank of Brazil, and the Catholic University of Rio de Janeiro, this seminar brought together a large number of economists from different countries and institutions. The purpose was to discuss policies for sustained growth based on recent Latin American experiences. Although, at the time of the seminar, some economies—particularly that of Brazil—could not yet be deemed successful in their efforts to achieve price stability, the discussions centered on themes considered pertinent to the consolidation of stability and the recovery of growth.

Mr. Joseph Gold

Abstract

The spreading use of the special drawing right (SDR) as a unit of account1 prompts an inquiry into the reactions of the courts to that function of the SDR. So far, no cases have been reported that involve the SDR as the unit of account. The cases in which the SDR has been considered by the courts have arisen under legal provisions that limited a defendant’s liability by reference to a unit of account defined in terms of gold. The first section of this chapter examines some cases in which an issue was whether the SDR provides a solution for the problem of applying a gold unit of account in current conditions.

Mr. Joseph Gold

Abstract

Patria, a member of the Fund, provides by law that all obligations of its residents to make payments are to be discharged in the domestic currency whatever may be the contractual currency of account or of payment and whether the payee is or is not resident in Patria’s territory. Patria provides that the domestic currency is the exclusive currency of payment. The expression “exclusive currency of payment” is used here so as to avoid a priori solutions that may seem to follow from the use of such terminology as legal tender, cours legal, and cours forcé. Legal tender or cours légal is defined often as the currency that creditors are required by a sovereign legislator to accept in discharge of indebtedness owed to them and also as the means of circulation (notes, coins) that must be accepted in accordance with such a provision of law. Cours forcé is defined often as the means of circulation that are legal tender and are made irredeemable by the monetary authorities issuing the currency.