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The rise of anti-globalization political movements and the threat of trade (1) have led some people to wonder whether a stronger multilateral core for the world economy would reduce the risk of damaging (2) . After all, lest we forget, the current arrangements – as pressured as they are – reflected our post-World War II forebears’ strong desire to minimize the risk of “beggar-thy-neighbor” national policies, which had (3) growth, prosperity, and global stability in the 1930s.
Similar considerations fueled the launch, nearly 50 years ago, of the International Monetary Fund’s Special Drawing Right as the (4) to a global currency. And with renewed interest in the stability of the international monetary system, some are asking – including within the IMF – whether revamping the SDR could be part of an effective effort to re-energize multilateralism.
The original impetus for the SDR included concerns about a national currency’s ability to reconcile the need for global liquidity provision with confidence in its role as the world’s reserve currency – what economists call the “Triffin dilemma.” By creating an international currency that would be managed by the IMF, member countries (5) to underpin and enhance the international monetary system with a non-national official reserve asset.
Legal and practical factors, as well as some countries’ political resistance to (6) economic governance to multilateral institutions, have prevented the SDR from meeting its creators’ modest expectations, let alone the grand role of a truly global reserve currency that anchors the cooperative functioning of a growth-oriented global economy. Information and other market failures have added to the challenges, as have weak institutional infrastructure and inadequate (7) . The result is a substantial gap between the SDR’s potential and its performance.
That gap has meant missed opportunities for the global economy – particularly in terms of asset-liability management, responsive liquidity, adjustment between deficit and surplus countries – and thus a gap between actual and (8) growth. With the SDR providing a stronger glue at the international monetary system’s core, (9) currency diversification could have been made easier, the need for costly and inefficient self-insurance could have been reduced, and the provision of liquidity could have been made less pro-(10) .
- 1) provision
2) circulation
3) protectionism
4) perfection
5) creationAnswer – 3)
Explanation : protectionism – the theory or practice of shielding a country’s domestic industries from foreign competition by taxing imports. - 1) plenitude
2) aggregation
3) ensemble
4) integration
5) fragmentationAnswer – 5)
Explanation : fragmentation – the process or state of breaking or being broken into fragments. - 1) retrieved
2) crippled
3) abetment
4) oneness
5) omneityAnswer – 2)
Explanation : crippled – (of a person) unable to walk or move properly; disabled. - 1) allness
2) intactness
3) omnitude
4) precursor
5) gestateAnswer – 4)
Explanation : precursor – a person or thing that comes before another of the same kind; a forerunner. - 1) label
2) absoluteness
3) sought
4) backing
5) ascertainAnswer – 3)
Explanation : sought – (past and past participle of seek)- attempt to find (something). - 1) witness
2) delegating
3) compensation
4) facilitation
5) conceiveAnswer – 2)
Explanation : delegating – entrust (a task or responsibility) to another person, typically one who is less senior than oneself - 1) reinforcement
2) collaboration
3) furtherance
4) trading
5) brandingAnswer – 5)
Explanation : branding – mark with a branding iron. - 1) cooperation
2) conceptualise
3) absurd
4) potential
5) imperviousAnswer – 4)
Explanation : potential – having or showing the capacity to develop into something in the future. - 1) prudential
2) beyond
3) futile
4) contrary
5) nonperiodicAnswer – 1)
Explanation : prudential – involving or showing care and forethought, especially in business. - 1) cyclical
2) aperiodic
3) infeasible
4) inexecutable
5) nonoscillatoryAnswer – 1)
Explanation : cyclical – occurring in cycles; recurrent.
