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Building a stable and equitable global monetary system

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  • Bilge Erten
  • José Antonio Ocampo

Abstract

This paper argues that SDRs should become a more relevant instrument of international monetary cooperation. This requires transforming them into a pure reserve asset and the IMF into a fully SDR-funded institution. SDRs would then be issued counter-cyclically and treated as deposits of countries in the IMF, which can in turn lend to countries. This approach would correct basic deficiencies of the current global monetary system. Complementary reforms include a substitution account for an orderly and smooth transition from major reserve currencies to SDRs, and the issuance of SDR-denominated bonds as an alternative to other major short-term assets.

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File URL: http://www.un.org/en/development/desa/papers/2012
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Bibliographic Info

Paper provided by United Nations, Department of Economics and Social Affairs in its series Working Papers with number 118.

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Length: 27 pages
Date of creation: Aug 2012
Date of revision:
Handle: RePEc:une:wpaper:118

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Web page: http://www.un.org/en/development/desa/working-papers.html
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Keywords: Special drawing rights; international monetary system; innovative development finance; governance of the IMF;

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