Cover Floating Currencies, SDR's & Gold Further Legal Developments
Floating Currencies, SDR's & Gold Further Legal Developments
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Abstract

This paper examines legal developments in area of floating currencies, special drawing rights, and gold in the IMF. It highlights that the breakdown of the par value system of the original Articles of the IMF and the failure of the IMF’s efforts to substitute a comparable system based on central rates are producing widespread effects in international and domestic law. The floating of sterling has been an impetus to the reversal of the ancient rule that English courts can give monetary judgments only in sterling. It has also influenced the choice of the exchange rate on the day when payment is actually made.

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Author:
International Monetary Fund
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Series:
Pamphlet Series
Publisher:
International Monetary Fund
Language:
English
Publication Date:
03 Jan 1977
DOI:
https://doi.org/10.5089/9781451958195.054
ISBN:
9781451958195
ISSN:
0538-8759
Pages:
116
Keywords:
PAM; representative rate; currencies of the United States; unit of account; gold-value clause; currency of a member; fund object; Currencies; Gold; International monetary system; Exchange rates; Exchange rate policy; West Africa; Europe; Global; General account; exchange transaction; unit of account of the fund; Gold prices
Legal-disclaimer:
The views expressed in this pamphlet, including any legal aspects, are those of the author and should not be attributed to Executive Directors of the IMF or their national authorities.
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