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Reserve Currency Consolidation, Gold Policy and Financial Flows to Developing Countries

In: International Financial Policy and Economic Development

Author

Listed:
  • Graham Bird

    (University of Surrey)

Abstract

Many of the problems associated with the Bretton Woods system and subsequent arrangements have stemmed from a lack of central control over both the total quantity of reserve assets in the system as well as their composition. The IMF does, however, exercise control over the creation of SDRs and, in principle, the quantity of SDRs created may be related to the requirements of the international monetary system so as to ensure that there are neither too many nor too few international reserves, though it is, of course, notoriously difficult to define the optimum quantity of reserves.1 Furthermore, in a situation where all central banks are holding their reserve assets in the form of SDRs, the problem of instability, which is caused by switching the currency composition of reserves, evaporates.

Suggested Citation

  • Graham Bird, 1987. "Reserve Currency Consolidation, Gold Policy and Financial Flows to Developing Countries," Palgrave Macmillan Books, in: International Financial Policy and Economic Development, chapter 9, pages 189-211, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08579-8_9
    DOI: 10.1007/978-1-349-08579-8_9
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