IDEAS home Printed from https://ideas.repec.org/a/eee/jpolmo/v35y2013i3p440-448.html
   My bibliography  Save this article

Reprint of: Beyond the dollar

Author

Listed:
  • Kenen, Peter B.

Abstract

The international reserve regime based mainly on the US dollar has served the world well for decades, but it faces an uncertain future as the economic hegemony of the United States is increasingly challenged by the emergence of new economic powers. The regime is flawed fundamentally, moreover, because additions to the supply of the main reserve asset require the United States to run balance-of -payments deficits, which tend to undermine confidence in the dollar. This paper proposes a transformation of the reserve regime that would cause Special Drawing Rights (SDRs) issued by the International Monetary Fund to become the main reserve asset. An orderly transition would be achieved by creating a Substitution Account into which official holders of dollars could deposit them in exchange for SDRs.

Suggested Citation

  • Kenen, Peter B., 2013. "Reprint of: Beyond the dollar," Journal of Policy Modeling, Elsevier, vol. 35(3), pages 440-448.
    • Handle: RePEc:eee:jpolmo:v:35:y:2013:i:3:p:440-448
    DOI: 10.1016/j.jpolmod.2013.04.001
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0161893813000483
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jpolmod.2013.04.001?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Peter B. Kenen, 2010. "The Substitution Account as a First Step Toward Reform of the International Monetary System," Policy Briefs PB10-6, Peterson Institute for International Economics.
    2. Peter B. Kenen, 2010. "Reforming the Global Reserve Regime: The Role of a Substitution Account," International Finance, Wiley Blackwell, vol. 13(1), pages 1-23, March.
    3. repec:pri:cepsud:208kenen is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Peter B., Kenen, 2011. "Beyond the dollar," Journal of Policy Modeling, Elsevier, vol. 33(5), pages 750-758, September.
    2. Peter B. Kenen, 2010. "Renovation of the Global Reserve Regime: Concepts and Proposals," Working Papers 1227, Princeton University, Department of Economics, Center for Economic Policy Studies..
    3. Hyoung-kyu Chey, 2013. "The Concepts, Consequences, and Determinants of Currency Internationalization," GRIPS Discussion Papers 13-03, National Graduate Institute for Policy Studies.
    4. Jeanne, Olivier, 2012. "The dollar and its discontents," Journal of International Money and Finance, Elsevier, vol. 31(8), pages 1976-1989.
    5. Jeff Chelsky, 2011. "The SDR and Its Potential as an International Reserve Asset," World Bank Publications - Reports 10095, The World Bank Group.
    6. Guido Montani, 2011. "Money and Finance as Global Public Goods," SAGE Open, , vol. 1(3), pages 21582440114, October.
    7. Barry Eichengreen & Guangtao Xia, 2019. "China and the SDR: Financial Liberalization through the Back Door," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 9(03), pages 1-36, September.
    8. José Antonio Ocampo, 2017. "Resetting the International Monetary (Non)System," Books, Red Investigadores de Economía, number 2017-11, June.
    9. Peter B. Kenen, 2010. "Renovation of the Global Reserve Regime: Concepts and Proposals," Working Papers 1227, Princeton University, Department of Economics, Center for Economic Policy Studies..
    10. repec:pri:cepsud:208kenen is not listed on IDEAS

    More about this item

    Keywords

    Reserve currency; Special Drawing Rights; Substitution Account;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jpolmo:v:35:y:2013:i:3:p:440-448. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/505735 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.