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Using a Vulnerability Index to Simulate a Reallocation of SDRs?

Author

Listed:
  • Alban Cornier

    (FERDI - Fondation pour les Etudes et Recherches sur le Développement International)

  • Laurent Wagner

    (FERDI - Fondation pour les Etudes et Recherches sur le Développement International)

Abstract

The voluntary reallocation of a portion of Special Drawing Rights (SDRs) from advanced countries to developing countries is potentially an important transformation in the international monetary system. Attention has so far been focused on the channels of this reallocation, because of the need to preserve the reserve asset nature of SDRs. The IMF is considering three options (Pazarbasioglu and Ramakrishnan, 2021). First, it is proposed to increase the size of the Poverty Reduction and Growth Trust (PRGT). Second, the IMF could create a new IMF-administered Resilience and Sustainability Trust, or RST: The proposed RST would support policy reforms to help build economic resilience and sustainability in low-income countries and small states, as well as vulnerable middle-income countries. Third, the IMF could channel SDRs to other prescribed SDR holders, comprising 15 organizations including the World Bank, some regional central banks, and multilateral development banks. The three options are non-mutually exclusive.

Suggested Citation

  • Alban Cornier & Laurent Wagner, 2022. "Using a Vulnerability Index to Simulate a Reallocation of SDRs?," Post-Print hal-03595590, HAL.
    • Handle: RePEc:hal:journl:hal-03595590
    Note: View the original document on HAL open archive server: https://hal.science/hal-03595590
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    References listed on IDEAS

    as
    1. Bruno Cabrillac, 2021. "Questions raised by the SDR channeling [Les questions posées par la réallocation des DTS]," Post-Print hal-03312053, HAL.
    2. Patrick Guillaumont, 2009. "Caught in a trap. Identifying the least developed countries," Post-Print hal-00436331, HAL.
    3. Bruno Cabrillac, 2021. "Questions raised by the SDR channeling," Post-Print hal-03324505, HAL.
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