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Reserves and Baskets

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  • Michael D. Bordo
  • Harold James

Abstract

We discuss three well known plans that were offered in the twentieth century to provide an artificial replacement for gold and key currencies as international reserves: Keynes' Bancor, the SDR and the Ecu( predecessor to the euro).The latter two of these reserve substitutes were institutionalized but neither replaced the dollar as the principal medium of international reserve.

Suggested Citation

  • Michael D. Bordo & Harold James, 2011. "Reserves and Baskets," NBER Working Papers 17492, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:17492
    Note: DAE ME
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    References listed on IDEAS

    as
    1. Michael D. Bordo & Dominique Simard & Eugene N. White, 1995. "France and the Bretton Woods International Monetary System 1960 to 1968," Palgrave Macmillan Books, in: Jaime Reis (ed.), International Monetary Systems in Historical Perspective, chapter 7, pages 153-180, Palgrave Macmillan.
    2. Michael Bordo & Harold James, 2006. "One world money, then and now," International Economics and Economic Policy, Springer, vol. 3(3), pages 395-407, December.
    3. Juanita Roushdy, 1987. "The Role of the SDR in the International Monetary System," IMF Occasional Papers 1987/002, International Monetary Fund.
    4. Eichengreen, Barry, 2012. "Exorbitant Privilege: The Rise and Fall of the Dollar," OUP Catalogue, Oxford University Press, number 9780199642472.
    5. Pietro Alessandrini & Michele Fratianni, 2009. "Resurrecting Keynes to Stabilize the International Monetary System," Open Economies Review, Springer, vol. 20(3), pages 339-358, July.
    6. Aaron Brown, 2011. "Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System, by Barry Eichengreen," Quantitative Finance, Taylor & Francis Journals, vol. 11(6), pages 825-826.
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    Cited by:

    1. Pietro Alessandrini & Andrea Presbitero, 2012. "Low-Income Countries and an SDR-based International Monetary System," Open Economies Review, Springer, vol. 23(1), pages 129-150, February.
    2. Michele Fratianni, 2012. "The Future International Monetary System: Dominant Currencies or Supranational Money? An Introduction," Open Economies Review, Springer, vol. 23(1), pages 1-12, February.
    3. Rockoff, Hugh & White, Eugene N., 2012. "Monetary Regimes and Policy on a Global Scale: The Oeuvre of Michael D. Bordo," MPRA Paper 49672, University Library of Munich, Germany, revised May 2013.

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    More about this item

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements

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