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The Inflationary Potential of the Historic 2021 SDR Allocation

Author

Listed:
  • Beretta Edoardo

    (Università Della Svizzera Italiana, Lugano, 6900, Switzerland)

  • Neuberger Doris

    (University of Rostock, Rostock, Germany)

Abstract

The paper assesses whether Special Drawing Rights (SDR), namely international reserve assets and claims on freely useable currencies of its members created and allocated by the International Monetary Fund (IMF), are inflationary. This question has been already raised in the economic literature, but the paper does so by specifically analyzing its most recent and highest allocation in August 2021 on the one hand and its use by member countries to combat the COVID-19 crisis on the other. Moreover, the article revamps the logical-conceptual debate on the essence of money as issued by banks and what the IMF (which is not a bank) is monetarily speaking capable of.

Suggested Citation

  • Beretta Edoardo & Neuberger Doris, 2022. "The Inflationary Potential of the Historic 2021 SDR Allocation," The Economists' Voice, De Gruyter, vol. 19(1), pages 25-35, June.
    • Handle: RePEc:bpj:evoice:v:19:y:2022:i:1:p:25-35:n:9
    DOI: 10.1515/ev-2021-0029
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    More about this item

    Keywords

    international monetary fund; money; special drawing rights;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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