Word: triffin
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...ROBERT TRIFFIN, professor of economics and master of Berkeley College at Yale and an expert on international monetary policy...
Economists throughout the world are in surprisingly broad agreement on what should be the basic elements of a new system. Its key features, as summarized last week by Yale's Robert Triffin...
...world economy without precipitating a devaluation or revaluation crisis. Many economists also go further to advocate some semiautomatic way of triggering devaluations or revaluations, in order to prevent a government from defending a clearly unrealistic currency price at the risk of disrupting the economies of its trading partners. Triffin's idea: the IMF should define for each member country a "normal" level of reserves. A nation that accumulated reserves 50% higher than "normal" would have to consult with IMF officers about how to change its economic policies in order to stop the accumulation; if the consultations failed, it would...
...manage a shift to S.D.R.s as the world's major international currency? Triffin would begin by in effect turning into S.D.R.s most of the dollars that Americans may spend in the future to buy imported TV sets, fly on foreign airlines or build plants overseas. Nations that receive the dollars would turn most of them over to the IMF in exchange for S.D.R.s, keeping only small "working balances" of new dollars in their treasuries. That would leave the problem of phasing out the roughly $90 billion of gold and dollars already stashed away in national reserves or circulating outside...
...Alice-in-Wonderland dispute. What would be the difference between a currency realignment accomplished by 1) foreign revaluations alone or 2) U.S. devaluation combined with inevitable foreign revaluations? "Economically, it doesn't matter two hoots," says Yale's Robert Triffin. Either way, the end result would be the same: the dollar would buy fewer yen, marks, guilders and other strong currencies. Theoretically, it is true, U.S. devaluation would also make the dollar worth less in terms of Brazilian cruzeiros, Chilean escudos, Indonesian rupiahs and 100-odd other weak or minor currencies. Most of the weak-currency nations, however...