Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/107989
Authors: 
Ocampo, José Antonio
Year of Publication: 
2014
Series/Report no.: 
WIDER Working Paper 2014/141
Abstract: 
This paper analyses three major problems of the current international monetary system: the asymmetric-adjustment problem, dependence on the monetary policy of the main reserveissuing country, and the large demand for self-insurance by developing countries. It then proposes two reform routes: transforming it into a fully-fledged multicurrency reserve system or placing at the centre the only truly global reserve asset, the special drawing rights (SDRs). Mixing the two routes may be the only way forward. Under a mixed system, SDRs would become the source of financing for International Monetary Fund lending, but national/regional currencies would continue to be used as international means of payment and stores of value.
Subjects: 
global currencies
special drawing rights
International Monetary Fund
JEL: 
F02
F33
ISBN: 
978-92-9230-862-9
Document Type: 
Working Paper

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