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On the SDR: Reserve Currencies and the Future of the International Monetary System

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Author Info

  • Barry Eichengreen and Jeffrey A. Frankel.

Abstract

Thus, neither the total supply nor the total demand for reserves is likely to change dramatically. There is no compelling argument for an SDR allocation to avert a pending global liquidity shortage or to remove an intrinsic instability in the reserve-supply process. There is a consistent argument for an SDR allocation to provide the resources needed to manage national financial crises with international implications--but there are more direct and desirable means of underwriting the relevant facility. European monetary unification, if and when it occurs, will have major implications for the demand and supply of reserves, but there is little reason to think that they will create a significant excess demand for international reserves or destabilize the reserve-supply process. In a future world with a single world currency or three relatively self-contained currency blocs floating against one another, the demand for international reserves would decline or disappear. While there would be a role for the SDR or an instrument like it if the IMF is the world central bank that issues the single world currency, any such scenario is exceedingly remote.

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Bibliographic Info

Paper provided by University of California at Berkeley in its series Center for International and Development Economics Research (CIDER) Working Papers with number C96-068.

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Date of creation: 01 Jun 1996
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Handle: RePEc:ucb:calbcd:c96-068

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Cited by:
  1. Chinn, Menzie David & Frankel, Jeffrey A., 2006. "Will the Euro Eventually Surpass the Dollar As Leading International Reserve Currency?," Santa Cruz Center for International Economics, Working Paper Series qt4hz4n9pb, Center for International Economics, UC Santa Cruz.
  2. Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2004. "The Revived Bretton Woods System: The Effects of Periphery Intervention and Reserve Management on Interest Rates & Exchange Rates in Center Countries," NBER Working Papers 10332, National Bureau of Economic Research, Inc.
  3. Kawai, Masahiro & Akiyama, Shigeru, 1998. "The Role of Nominal Anchor Currencies in Exchange Rate Arrangements," Journal of the Japanese and International Economies, Elsevier, vol. 12(4), pages 334-387, December.
  4. Papaioannou, Elias & Portes, Richard & Siourounis, Gregorios, 2006. "Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar," Working Paper Series 0694, European Central Bank.
  5. Frankel, Jeffrey, 2009. "On Global Currencies," Working Paper Series rwp09-026, Harvard University, John F. Kennedy School of Government.
  6. Agnès Bénassy-Quéré & Benoît Mojon & Armand-Denis Schor, 1998. "The International Role of the Euro," Working Papers 1998-03, CEPII research center.
  7. Flandreau, Marc & Jobst, Clemens, 2006. "The Empirics of International Currencies: Historical Evidence," CEPR Discussion Papers 5529, C.E.P.R. Discussion Papers.
  8. Leonardo Vera & Luis Zambrano Sequín, 2005. "El nivel adecuado de reservas internacionales: notas para el caso venezolano," Revista de Analisis Economico – Economic Analysis Review, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines, vol. 20(1), pages 63-94, June.
  9. Arvind Subramanian, 2011. "Renminbi Rules: The Conditional Imminence of the Reserve Currency Transition," Working Paper Series WP11-14, Peterson Institute for International Economics.
  10. Hartmann, Philipp, 1998. "The Currency Denomination of World Trade after European Monetary Union," Journal of the Japanese and International Economies, Elsevier, vol. 12(4), pages 424-454, December.
  11. Eichengreen, Barry, 1998. "The Euro as a Reserve Currency," Journal of the Japanese and International Economies, Elsevier, vol. 12(4), pages 483-506, December.

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