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Reserves and Baskets

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  • Michael Bordo

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  • Harold James

Abstract

We discuss three well known plans that were offered in the twentieth century to provide an artificial replacement for gold and key currencies as international reserves: Keynes' Bancor, the SDR and the Ecu( predecessor to the euro).The latter two of these reserve substitutes were institutionalized but neither replaced the dollar as the principal medium of international reserve.
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Suggested Citation

  • Michael Bordo & Harold James, 2012. "Reserves and Baskets," Open Economies Review, Springer, vol. 23(1), pages 113-127, February.
  • Handle: RePEc:kap:openec:v:23:y:2012:i:1:p:113-127
    DOI: 10.1007/s11079-011-9221-5
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    File URL: http://hdl.handle.net/10.1007/s11079-011-9221-5
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    References listed on IDEAS

    as
    1. Michael Bordo & Harold James, 2006. "One world money, then and now," International Economics and Economic Policy, Springer, vol. 3(3), pages 395-407, December.
    2. Eichengreen, Barry, 2012. "Exorbitant Privilege: The Rise and Fall of the Dollar," OUP Catalogue, Oxford University Press, number 9780199642472.
    3. Pietro Alessandrini & Michele Fratianni, 2009. "Resurrecting Keynes to Stabilize the International Monetary System," Open Economies Review, Springer, vol. 20(3), pages 339-358, July.
    4. Aaron Brown, 2011. "Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System, by Barry Eichengreen," Quantitative Finance, Taylor & Francis Journals, vol. 11(6), pages 825-826.
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    Cited by:

    1. Rockoff, Hugh & White, Eugene N., 2012. "Monetary Regimes and Policy on a Global Scale: The Oeuvre of Michael D. Bordo," MPRA Paper 49672, University Library of Munich, Germany, revised May 2013.

    More about this item

    Keywords

    International reserves; Key currencies; Bancor; SDRs; Ecus; F02; F33; F55;

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements

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