Using the Special Drawing Rights as a Lever to Reform the International Monetary System

RTI-SDR Working Party RTI-SDR Working Party ()
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RTI-SDR Working Party RTI-SDR Working Party: Robert Triffin International

No 1267, Working Papers from Robert Triffin International

Abstract: The present report starts by reaffirming the existence of a "built-in-destabilizer" in the present IMS, which is based on the use of national currencies -mainly the US dollar- as reserve currencies, and by presenting the theoretical first-best solution, which unfortunately is likely to remain out of reach for long. Nevertheless, the need to break free from the status quo leads to re-explore the potential role of the SDR for strengthening monetary and financial stability, in the present globalized and multi-polar world. Then, based on analytic elements, the report makes nine suggestions aimed at overcoming the present deficiencies in the functioning of the IMS through an enhancement of official SDRs and the development of a private SDR market.

Keywords: SDR; IMS; currencies; dollar; proposal; stability; market; governance (search for similar items in EconPapers)
Pages: 17 pages
Date: 2014-07
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Persistent link: https://EconPapers.repec.org/RePEc:afh:wpaper:1267

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