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Faire du DTS le principal actif de réserve international

Author

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  • André Icard

Abstract

This article aims at showing that, with limited institutional efforts, SDRs could be given a more prominent place within central bank international reserves and that such an evolution could generate a significant improvement in the functioning of the International Monetary System. In contradiction with the ambitions laid out in the IMF Articles, SDRs have so far played a very limited role in international reserve composition. Yet, it proves to be a good instrument and using it more intensively could both facilitate the management of the global liquidity and alleviate the ?Triffin dilemma?. However this would imply to make it more user- friendly and to transform it in a full-fledged market instrument, especially with the development of a specific market and the creation of a link between ?Official? and ?Private? SDRs. Even though such an evolution would necessitate no or a limited set of institutional arrangements, a good deal of political will would be required. Classification JEL: F31, F32.

Suggested Citation

  • André Icard, 2015. "Faire du DTS le principal actif de réserve international," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 267-280.
  • Handle: RePEc:cai:refaef:ecofi_119_0267
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    Cited by:

    1. Jacques Mistral & Natacha Valla, 2015. "Introduction," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 11-16.

    More about this item

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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