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Journal Article
Replacing the dollar with special drawing rights--will it work this time?
The head of China?s central bank is calling for countries to replace the U.S. dollar as an international reserve currency with something called SDRs. Created by the IMF way back in 1969 for that purpose, SDRs never caught on. While SDRs may be declared an official international reserve asset today, they are not likely to become the world?s key international currency anytime soon. In the meantime, countries in China?s current predicament--acquiring more dollars than they think prudent--could avoid such risks in the future by allowing their currencies to appreciate.
Journal Article
International reserves and the role of special drawing rights
Journal Article
Emerging SDR standard?
Journal Article
A dialogue on special drawing rights
Journal Article
Substitution account
Journal Article
Financial crisis revives interest in special drawing rights
The financial crisis that began in mid-2007 brought renewed calls for an alternative to the U.S. dollar as the dominant reserve currency in international transactions. Several developing countries suggested greater use of special drawing rights (SDRs). ; SDRs were created in 1969 under the first amendment of the International Monetary Fund (IMF) Articles of Agreement to supplement member countries' international reserves. Nine years later, the IMF set the long-term objective of making the SDR "the principal reserve asset in the international monetary system." To date, the SDR hasn't ...