The Provision of Global Liquidity: The Global Reserve System

José Antonio Ocampo

No wp-2014-141, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: This paper analyses three major problems of the current international monetary system: the asymmetric-adjustment problem, dependence on the monetary policy of the main reserve-issuing country, and the large demand for self-insurance by developing countries. It then proposes two reform routes: transforming it into a fully-fledged multicurrency reserve system or placing at the centre the only truly global reserve asset, the special drawing rights (SDRs). Mixing the two routes may be the only way forward.

Keywords: Financial institutions; International; International agencies; International finance; Monetary policy (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (1)

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