Publication:
The SDR and Its Potential as an International Reserve Asset

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dc.contributor.authorChelsky, Jeff
dc.date.accessioned2012-08-13T10:24:20Z
dc.date.available2012-08-13T10:24:20Z
dc.date.issued2011-05
dc.description.abstractSince the onset of the global financial crisis, there has been an upswing of interest among some prominent policy makers and academics in the International Monetary Fund's (IMF) Special Drawing Right (SDR) as a 'safe' international reserve asset. But preexisting constraints on the SDR and the magnitude of support required to push through the reforms necessary to enhance the SDR's role make it unlikely that ambitious aspirations for this 'quasi-currency' will be realized. Moreover, the case for enhancing the SDR's role has been somewhat overstated, as has the view that the current international monetary system requires the dominance of a single currency, namely the U.S. dollar. To a significant extent, U.S. dollar dominance is the result of specific policy choices by individual countries (for example, export-led growth strategies, close links to the U.S. dollar) rather than an inherent rigidity in the international monetary system. Many of the problems that some policy makers are seeking to address through a greater role for the SDR can more easily be achieved in the context of the continuing trend to a multicurrency reserve system.en
dc.identifierhttp://documents.worldbank.org/curated/en/2011/05/14251007/sdr-potential-international-reserve-asset
dc.identifier.doi10.1596/10095
dc.identifier.urihttps://hdl.handle.net/10986/10095
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesEconomic Premise; No. 58
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectACCUMULATION OF RESERVES
dc.subjectADDITIONAL CURRENCIES
dc.subjectALLOCATION
dc.subjectASSETS
dc.subjectBALANCE OF PAYMENT
dc.subjectBALANCE SHEET
dc.subjectBASKET CURRENCY
dc.subjectBASKET OF CURRENCIES
dc.subjectBILLS
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL CONTROLS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANKS
dc.subjectCLIMATE
dc.subjectCLIMATE CHANGE
dc.subjectCOLLATERALIZATION
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMPOSITE CURRENCIES
dc.subjectCONTINGENT LIABILITY
dc.subjectCONVERTIBILITY
dc.subjectCRITICAL MASS
dc.subjectCURRENCY
dc.subjectCURRENCY BASKET
dc.subjectCURRENCY COMPOSITION
dc.subjectCURRENCY DENOMINATION
dc.subjectCURRENCY RISK
dc.subjectDEBT
dc.subjectDEBT RELIEF
dc.subjectDEPOSIT
dc.subjectDEPRECIATION
dc.subjectDEVELOPMENT BANK
dc.subjectDOMINANT CURRENCY
dc.subjectECONOMIC POLICY
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET CURRENCIES
dc.subjectEMERGING MARKETS
dc.subjectEURO
dc.subjectEXCHANGE MARKETS
dc.subjectEXPANSION OF WORLD TRADE
dc.subjectEXPORTER
dc.subjectEXPOSURE
dc.subjectEXPOSURE TO RISKS
dc.subjectFEASIBILITY
dc.subjectFEDERAL RESERVE
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DATA
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL REASONS
dc.subjectFINANCIAL TRANSACTIONS
dc.subjectFIXED EXCHANGE RATES
dc.subjectFLEXIBLE EXCHANGE RATES
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE RESERVES
dc.subjectFOREIGN RESERVE
dc.subjectFREELY USABLE CURRENCIES
dc.subjectGEOGRAPHIC DISTRIBUTION
dc.subjectGLOBAL ECONOMY
dc.subjectGLOBAL LIQUIDITY
dc.subjectGOLD
dc.subjectIMPORTS
dc.subjectINDIVIDUAL CURRENCIES
dc.subjectINTEREST RATE
dc.subjectINTERMEDIATION
dc.subjectINTERNATIONAL BONDS
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL MARKETS
dc.subjectINTERNATIONAL DEVELOPMENT
dc.subjectINTERNATIONAL FINANCE
dc.subjectINTERNATIONAL FINANCIAL ARCHITECTURE
dc.subjectINTERNATIONAL FINANCIAL MARKETS
dc.subjectINTERNATIONAL FINANCIAL SYSTEM
dc.subjectINTERNATIONAL MONETARY SYSTEM
dc.subjectINTERNATIONAL RESERVE
dc.subjectINTERNATIONAL TRANSACTIONS
dc.subjectISSUANCE
dc.subjectJAPANESE YEN
dc.subjectLIABILITY
dc.subjectLIQUIDITY PREMIUM
dc.subjectMACROECONOMIC POLICIES
dc.subjectMAJOR CURRENCIES
dc.subjectMARKET LIQUIDITY
dc.subjectMARKET MAKER
dc.subjectMONETARY FUND
dc.subjectMONETARY STABILITY
dc.subjectMONETARY UNIONS
dc.subjectMONOPOLY
dc.subjectMULTILATERAL DEVELOPMENT
dc.subjectNATIONAL CURRENCY
dc.subjectOLIGOPOLY
dc.subjectOPEN ECONOMIES
dc.subjectOTHER CURRENCIES
dc.subjectOUTTURNS
dc.subjectPEG
dc.subjectPOLICY MAKERS
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO DIVERSIFICATION
dc.subjectPORTFOLIOS
dc.subjectPOVERTY REDUCTION
dc.subjectPRIVATE MARKETS
dc.subjectREMUNERATION
dc.subjectRESERVE ACCUMULATION
dc.subjectRESERVE CURRENCIES
dc.subjectRESERVE CURRENCY
dc.subjectRESERVE HOLDINGS
dc.subjectRESPONSE TO CLIMATE CHANGE
dc.subjectRETURN
dc.subjectSAFETY NET
dc.subjectSDR HOLDINGS
dc.subjectSDR ROLE
dc.subjectSDR USE
dc.subjectSECURITIES
dc.subjectSEIGNIORAGE
dc.subjectSETTLEMENT
dc.subjectSHORT-TERM RATES
dc.subjectSINGLE CURRENCY
dc.subjectSPECIAL DRAWING RIGHTS
dc.subjectSTORE OF VALUE
dc.subjectSUBSTITUTION
dc.subjectSUBSTITUTION ACCOUNT
dc.subjectSURPLUS
dc.subjectSWAP
dc.subjectSWAPS
dc.subjectTOTAL EXPORTS
dc.subjectTRADING
dc.subjectTRANSACTION
dc.subjectTREASURY
dc.subjectTREASURY BILLS
dc.subjectVALUATION
dc.subjectVOLATILITY
dc.subjectWIDELY USED CURRENCIES
dc.subjectWORLD ECONOMY
dc.titleThe SDR and Its Potential as an International Reserve Asseten
dspace.entity.typePublication
okr.crosscuttingsolutionareaClimate Change
okr.date.disclosure2011-05-26
okr.date.doiregistration2025-04-29T09:59:45.154633Z
okr.doctypePublications & Research::Brief
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2011/05/14251007/sdr-potential-international-reserve-asset
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid723721468330958502
okr.identifier.externaldocumentum000386194_20110526045309
okr.identifier.internaldocumentum14251007
okr.identifier.report62095
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2011/05/26/000386194_20110526045309/Rendered/PDF/620950BRI0http00BOX358362B00PUBLIC0.pdfen
okr.topicFiscal and Monetary Policy
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicFinance and Financial Sector Development::Currencies and Exchange Rates
okr.topicPrivate Sector Development::Emerging Markets
okr.topicMacroeconomics and Economic Growth::Climate Change Economics
okr.unitOffice of VP & Head of Network (PRMVP)
okr.volume1 of 1
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