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The Link between SDRs and Aid

In: The International Monetary System and the Less Developed Countries

Author

Listed:
  • Graham Bird

    (University of Surrey)

Abstract

International money is made up a number of components, including gold and foreign exchange. The production costs involved with a commodity money, such as gold, may be. largely avoided by replacing it with some form of fiat money. The replacement of gold by international fiat monies therefore gives rise to a considerable social saving in terms of the resources freed from producing money. Such replacement would appear to represent an unambiguous shift towards greater efficiency in international monetary arrangements. As the international monetary system has operated, however, not all countries have gained equally from the social saving implied by the movement which has taken place away from the gold standard and towards the foreign-exchange method of creating international money.

Suggested Citation

  • Graham Bird, 1982. "The Link between SDRs and Aid," Palgrave Macmillan Books, in: The International Monetary System and the Less Developed Countries, edition 0, chapter 11, pages 251-276, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-16903-0_11
    DOI: 10.1007/978-1-349-16903-0_11
    as

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