The Structure And Operation Of The World Gold Market

This paper describes the structure of the world gold market, its sources of supply and demand, and how it functions. The market has three principal functions in three major locations: the New York futures market speculates on spot prices, which are largely determined in London, whereas physical gold is in large part shipped through Zurich. The market is dominated by large suppliers and gold holders, including monetary authorities. Some unique characteristics of the gold market ensure confidentiality, and as a result, there are gaps in existing knowledge and data. The paper identifies and attempts to fill these gaps.

Dated September 1993

This paper reviews China's experience with market-oriented reform since 1978, including domestic reforms, the opening of the economy to foreign trade and investment, and the decentralization of decision making. It identifies special conditions that may have affected China's capacity to implement reforms, assesses the impact of the reforms on the structure of the economy and on its integration into the world economy, examines the effect of the reforms on macroeconomic management and stability, and draws implications for the direction of China's future reform strategy.

Respected international experts such as Michael Bordo, Larry Sjaastad and Ken Clements are brought together in a wonderfully well researched new book on this most important of topics. This comprehensive, well-written book provides all you need to know about Gold and the Modern World Economy.

This work shows how to capture the business of mid-sized companies - from the basic concepts of foreign exhange to prospecting the corporate client. The author shows the finer points of foreign exchange regimes recognized by the IMF and that exchange rates are a matter of government restrictions

Central banks and other public financial institutions act as agents of fiscal policy in many countries. Their "quasi-fiscal" operations and activities can affect the overall public sector balance without affecting the budget deficit as conventionally measured, may also have important allocative effects, and increase the effective size of the public sector. This paper analyzes the macroeconomic and financial effects of such quasi-fiscal activities, as well as the taxes, subsidies, and other expenditures that such activities introduce outside the budget. Measurement and accounting issues are addressed, and policy recommendations are offered.

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Machine generated contents note: Luxury and global history Bernd-Stefan Grewe and Karin Hofmeester; 1. Precious things in motion: luxury and the circulation of jewels in Mughal India Kim Siebenhuner; 2. Diamonds as a global luxury commodity Karin Hofmeester; 3. Gold in twentieth-century India - a luxury? Bernd-Stefan Grewe; 4. Chinese porcelain local and global context: the imperial connection Anne Gerritsen; 5. Luxury or commodity? The success of Indian cotton cloth in the first global age Giorgio Riello; 6. The gendered luxury of wax prints in South Ghana: a local luxury good with global roots Silvia Ruschak; 7. From Venice to East Africa: history, uses and meanings of glass beads Karin Pallaver; 8. Imports and autarky: tortoiseshell in early modern Japan Martha Chaiklin; 9. Tickling and klicking the ivories - the metamorphosis of a global commodity in the nineteenth century Jonas Kranzer; 10. The conservation of luxury: safari hunting and the consumption of wildlife in twentieth-century East Africa Bernhard Gissibl; 11. Luxury as a global phenomenon: concluding remarks Bernd-Stefan Grewe and Karin Hofmeester