An SDR Based Reserve System

Peter Kenen

Journal of Globalization and Development, 2010, vol. 1, issue 2, 14

Abstract: This paper proposes the creation of a substitution account within the IMF into which official holders of dollar reserves could deposit a portion of those reserves in exchange for Special Drawing Rights (SDRs), the Fund's own quasi currency. It argues that this innovation would greatly improve the functioning and stability of the international monetary system by precluding reserve-currency diversification by official holders of dollar reserves.

Date: 2010
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DOI: 10.2202/1948-1837.1111

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