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The New Politics of Global Reserve Reform

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  • Helleiner Eric

    (University of Waterloo)

Abstract

This is not the first moment during the last half century when debates about a global reserve asset have assumed a prominent place on the international public policy agenda. Discussions of global reserve reform were extensive in the lead up to the creation of the SDR in 1969 and soon afterwards, and then again during the late 1970s. In these earlier episodes, political interest in global reserve reform was relatively short-lived, responding to temporary instability in the global monetary system. This article argues that political interest this time around is likely to be more long-lasting because it reflects three distinct structural concerns about the existing reserve system simultaneously, each of which is likely to continue to attract political attention in the coming years. These concerns relate to reserve growth, reserve switching and equity issues. The fact that these concerns are not likely to disappear soon does not guarantee that significant global reserve reform will take place, but it should provide advocates with more time to press their case.

Suggested Citation

  • Helleiner Eric, 2010. "The New Politics of Global Reserve Reform," Journal of Globalization and Development, De Gruyter, vol. 1(2), pages 1-14, December.
  • Handle: RePEc:bpj:globdv:v:1:y:2010:i:2:n:12
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    References listed on IDEAS

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    1. Gowa, Joanne, 1984. "Hegemons, IOs, and markets: the case of the substitution account," International Organization, Cambridge University Press, vol. 38(04), pages 661-683, September.
    2. Barry Eichengreen, 2011. "Out-of-the-Box Thoughts about the International Financial Architecture," Chapters,in: Handbook of Central Banking, Financial Regulation and Supervision, chapter 13 Edward Elgar Publishing.
    3. Isabelle Mateos y Lago & Rupa Duttagupta & Rishi Goyal, 2009. "The Debate on the International Monetary System," IMF Staff Position Notes 2009/26, International Monetary Fund.
    4. Kenen Peter, 2010. "An SDR Based Reserve System," Journal of Globalization and Development, De Gruyter, vol. 1(2), pages 1-14, December.
    5. Kenen, Peter B., 2005. "Stabilizing the international monetary system," Journal of Policy Modeling, Elsevier, vol. 27(4), pages 487-493, June.
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    Cited by:

    1. Eric Helleiner & Anton Malkin, 2012. "Sectoral Interests and Global Money: Renminbi, Dollars and the Domestic Foundations of International Currency Policy," Open Economies Review, Springer, vol. 23(1), pages 33-55, February.
    2. Ocampo José Antonio, 2010. "Building an SDR-Based Global Reserve System," Journal of Globalization and Development, De Gruyter, vol. 1(2), pages 1-15, December.

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