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The Role of SDRs in Financing Commodity Stabilisation

In: Managing Global Money

Author

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  • Graham Bird

    (University of Surrey)

Abstract

Recent discussions on international monetary reform carried out under the auspices of the Committee of Twenty1 and more recently the Development Committee2 have raised a number of issues. Amongst these have been the questions of a Special Drawing Rights (SDR) ‘link’, and the problem of primary product price instability. Conventionally the concept of an SDR link relates to proposals which advocate linking the allocation of SDRs with the provision of some form of development assistance. Although there are many variants of the link, all explicit link schemes involve the use of national wealth or some proxy for wealth as a crucial criterion for determining the initial allocation of SDRs. These schemes suggest that SDRs should in the first place be distributed amongst the ‘poor’, ‘less developed’ or ‘least developed’ countries. It is not the purpose of this article to investigate such proposals since a number of adequate surveys are already available.3 Instead, this article sets out to propose an alternative, and fundamentally different form of SDR link.

Suggested Citation

  • Graham Bird, 1988. "The Role of SDRs in Financing Commodity Stabilisation," Palgrave Macmillan Books, in: Managing Global Money, chapter 9, pages 134-144, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-09588-9_9
    DOI: 10.1007/978-1-349-09588-9_9
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