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An SDR Based Reserve System

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  • Kenen Peter

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.

Suggested Citation

  • Kenen Peter, 2010. "An SDR Based Reserve System," Journal of Globalization and Development, De Gruyter, vol. 1(2), pages 1-14, December.
    • Handle: RePEc:bpj:globdv:v:1:y:2010:i:2:n:13
    DOI: 10.2202/1948-1837.1111
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    References listed on IDEAS

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    1. Peter B. Kenen, 1994. "Exchange Rates And The Monetary System," Books, Edward Elgar Publishing, number 259.
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    Cited by:

    1. Sharma Shalendra D., 2014. "The Global Economic Imbalances: The Dangers of Not Rebalancing," New Global Studies, De Gruyter, vol. 8(2), pages 153-176, July.
    2. Hongying Wang & Erik French, 2014. "China in Global Economic Governance," Asian Economic Policy Review, Japan Center for Economic Research, vol. 9(2), pages 254-271, July.
    3. Maurice Obstfeld, 2011. "International Liquidity: The Fiscal Dimension," NBER Working Papers 17379, National Bureau of Economic Research, Inc.
    4. Helleiner Eric, 2010. "The New Politics of Global Reserve Reform," Journal of Globalization and Development, De Gruyter, vol. 1(2), pages 1-14, December.
    5. Mark Hayes, 2015. "Keynes, the Pope and the IMF," Working Papers PKWP1502, Post Keynesian Economics Society (PKES).

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