Faire du DTS le principal actif de réserve international

André Icard

Revue d'économie financière, 2015, vol. n° 119, issue 3, 267-280

Abstract: This article aims at showing that, with limited institutional efforts, SDRs could be given a more prominent place within central bank international reserves and that such an evolution could generate a significant improvement in the functioning of the International Monetary System. In contradiction with the ambitions laid out in the IMF Articles, SDRs have so far played a very limited role in international reserve composition. Yet, it proves to be a good instrument and using it more intensively could both facilitate the management of the global liquidity and alleviate the ?Triffin dilemma?. However this would imply to make it more user- friendly and to transform it in a full-fledged market instrument, especially with the development of a specific market and the creation of a link between ?Official? and ?Private? SDRs. Even though such an evolution would necessitate no or a limited set of institutional arrangements, a good deal of political will would be required. Classification JEL: F31, F32.

JEL-codes: F31 F32 (search for similar items in EconPapers)
Date: 2015
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