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An SDR Based Reserve System

Author

Listed:
  • Kenen Peter

    (Princeton University)

Abstract

This paper proposes the creation of a substitution account within the IMF into which official holders of dollar reserves could deposit a portion of those reserves in exchange for Special Drawing Rights (SDRs), the Fund's own quasi currency. It argues that this innovation would greatly improve the functioning and stability of the international monetary system by precluding reserve-currency diversification by official holders of dollar reserves.

Suggested Citation

  • Kenen Peter, 2010. "An SDR Based Reserve System," 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:13
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    References listed on IDEAS

    as
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    3. Amiel,Yoram & Cowell,Frank, 1999. "Thinking about Inequality," Cambridge Books, Cambridge University Press, number 9780521466967, March.
    4. Kanbur, Ravi & Mukherjee, Diganta, 2007. "Poverty, relative to the ability to eradicate it: An index of poverty reduction failure," Economics Letters, Elsevier, vol. 97(1), pages 52-57, October.
    5. Danziger, Sheldon & Gottschalk, Peter & Smolensky, Eugene, 1989. "How the Rich Have Fared, 1973-87," American Economic Review, American Economic Association, vol. 79(2), pages 310-314, May.
    6. Herwig Immervoll, 2004. "Average and Marginal Effective Tax Rates Facing Workers in the EU: A Micro-Level Analysis of Levels, Distributions and Driving Factors," OECD Social, Employment and Migration Working Papers 19, OECD Publishing.
    7. Marcelo Medeiros, 2006. "The Rich and the Poor: The Construction of an Affluence Line from the Poverty Line," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 78(1), pages 1-18, August.
    8. repec:taf:rjapxx:v:11:y:2006:i:3:p:249-267 is not listed on IDEAS
    9. Lant Pritchett, 2006. "Who is Not Poor? Dreaming of a World Truly Free of Poverty," World Bank Research Observer, World Bank Group, vol. 21(1), pages 1-23.
    10. Beckerman, W, 1979. "The Impact of Income Maintenance Payments on Poverty in Britain, 1975," Economic Journal, Royal Economic Society, vol. 89(354), pages 261-279, June.
    11. Anand, Sudhir, 1977. "Aspects of Poverty in Malaysia," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 23(1), pages 1-16, March.
    12. Ariel Fiszbein & Norbert Schady & Francisco H.G. Ferreira & Margaret Grosh & Niall Keleher & Pedro Olinto & Emmanuel Skoufias, 2009. "Conditional Cash Transfers : Reducing Present and Future Poverty," World Bank Publications, The World Bank, number 2597.
    13. Norman Gemmell & Oliver Morrissey, 2005. "Distribution and Poverty Impacts of Tax Structure Reform in Developing Countries: How Little We Know," Development Policy Review, Overseas Development Institute, vol. 23(2), pages 131-144, March.
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    Cited by:

    1. Sharma Shalendra D., 2014. "The Global Economic Imbalances: The Dangers of Not Rebalancing," New Global Studies, De Gruyter, vol. 8(2), pages 1-24, July.
    2. Helleiner Eric, 2010. "The New Politics of Global Reserve Reform," Journal of Globalization and Development, De Gruyter, vol. 1(2), pages 1-14, December.
    3. Mark Hayes, 2015. "Keynes, the Pope and the IMF," Working Papers PKWP1502, Post Keynesian Economics Study Group (PKSG).

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