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Overcoming the Technical and Political Difficulties of Using SDRs for Development Purposes / Bilge Erten.
- Format:
- Book
- Government document
- Author/Creator:
- Erten, Bilge, author.
- Series:
- UN Department of Economic and Social Affairs (DESA) Working Papers, 2520-6656 ; no.126.
- UN Department of Economic and Social Affairs (DESA) Working Papers, 2520-6656 ; no.126
- Language:
- English
- Subjects (All):
- Economic and Social Development.
- Local Subjects:
- Economic and Social Development.
- Physical Description:
- 1 online resource.
- Place of Publication:
- New York : United Nations, 2013.
- System Details:
- text file
- Summary:
- This paper argues that the technical and political difficulties of using SDRs for development can be overcome. This requires an SDR-based reserve system and a fully SDR-funded IMF. The IMF would allocate SDRs counter-cyclically and treat them as deposits of countries, which could be used in lending to them. A substitution account is needed for a smooth transition from major reserve currencies to SDRs. To avoid the deficiency payments, a counterpart account - which would be credited when the substitution account is in surplus and debited when in deficit - is required. Alternatively, politically-feasible cost-sharing mechanisms could be designed.
- Access Restriction:
- Restricted for use by site license.
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