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Redesigning the International Monetary System. Intellectual Influences and the Return of the Special Drawing Rights: An Open Issue

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  • Albertina Nania

Abstract

The paper suggests to explore the theoretical and cultural influences on the re-forms made to the International Monetary System since the 1960s, when Triffin?s Dilemma ?was apparent for all to see?, as Volcker suggested. Schmelzer argues that ?when Milton Friedman published his article calling for flexible exchange rates in 1953, less than 5 percent of economists around the world shared his view,? while in the late 1960s, ?about 90 percent of economists did, and they were joined by powerful figures within the government and banking community?. Such con-sensus contributed to strengthening the influence of neoliberal theories not only in the scientific environment of economists, but also and especially in the terrain of the directions taken internationally by political and financial institutions. It is therefore high time to ascertain through an empirical and chronological investigation whether there is any correlation between neoliberal paradigms and the International Monetary Fund?s restrictive policy choices regarding the allocations of special drawing rights (the basket currency that was supposed to provide for global liquidity needs), and whether their supporters followed any specific and shared view.

Suggested Citation

  • Albertina Nania, 2022. "Redesigning the International Monetary System. Intellectual Influences and the Return of the Special Drawing Rights: An Open Issue," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2022(2), pages 123-129.
    • Handle: RePEc:fan:spespe:v:html10.3280/spe2022-002005
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    References listed on IDEAS

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    1. Aaron Major, 2012. "Neoliberalism and the new international financial architecture," Review of International Political Economy, Taylor & Francis Journals, vol. 19(4), pages 536-561.
    2. Mr. James M. Boughton, 2004. "The IMF and the force of History: Ten Events and Ten Ideas that Have Shaped the Institution," IMF Working Papers 2004/075, International Monetary Fund.
    3. José Antonio Ocampo, 2017. "Resetting the International Monetary (Non)System," Books, Red Investigadores de Economía, number 2017-11, June.
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    More about this item

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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