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The special drawing right: a formal critic to the dollar dominance in the international monetary system

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  • Aline Regina Alves Martins

Abstract

In the late-1960’s, international discussions over a possible reform of the international monetary system originated the Special Drawing Right (SDR). While they had been created initially to represent an additional asset to complement theexisting reserves of U.S. dollars and gold, after the crisis of the Bretton Woods system the SDR was considered a possible substitute of the U.S. dollar. Relying on a consolidated literature, this article aims at demonstrating that the origins of the SDR were not the exclusive result of technical financial negotiations, but of the convergence of higher political interests against the United States and the dollar dominance. JEL Classification: F33; E42; F02.

Suggested Citation

  • Aline Regina Alves Martins, 2017. "The special drawing right: a formal critic to the dollar dominance in the international monetary system," Brazilian Journal of Political Economy, Center of Political Economy, vol. 37(2), pages 401-416.
    • Handle: RePEc:ekm:repojs:v:37:y:2017:i:2:p:401-416:id:139
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    Keywords

    Special drawing right; international reserve asset; international monetary reform; dollar hegemony;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F02 - International Economics - - General - - - International Economic Order and Integration

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