Special Drawing Rights (SDRs): The First International Money

Hardcover | December 24, 2011

byChristopher Wilkie

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Following the Rio Agreement in 1967, the birth of the Special Drawing Right (SDR) was widely heralded as the first step towards a world international money. The SDR's intended purpose, though, was more modest: to help salvage the prevailing international monetary system which had evolvedsince Bretton Woods. This volume examines the relatively recent and important history of SDRs - what they are, where they came from, and why they are significant. It considers the changing roles and influences of the US and the IMF as post-Bretton Woods monetary arrangements established themselves.Despite their retreat from early acclaim, work continued, particularly at the Fund, on enhancing the potential of SDRs to contribute to international monetary stability and SDRs have recently re-emerged as a potential source of support and stability for the international monetary system underpinningthe world economy. The SDR, and the debate surrounding it, is an excellent prism through which to examine other important themes in contemporary international political economy, including international liquidity provision and international monetary reform. Ultimately, the policies of the US, the Fund, and thechanging nature of the relationship between them emerge as fundamental themes for an understanding of prospects for SDRs under post-Bretton Woods international monetary arrangements. Today, the promise and disappointment that has characterized the short history of SDRs is more important than everas the world again examines these arrangements in the wake of the international financial crisis.

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Following the Rio Agreement in 1967, the birth of the Special Drawing Right (SDR) was widely heralded as the first step towards a world international money. The SDR's intended purpose, though, was more modest: to help salvage the prevailing international monetary system which had evolvedsince Bretton Woods. This volume examines the r...

Christopher Wilkie is Canadian Ambassador to Morocco. He holds a D.Phil. in International Relations from the University of Oxford, and has published widely on international trade-related issues. In addition to representing Canada in senior capacities at the WTO, UNCTAD, and as chief negotiator for investment agreements, he has served a...
Format:HardcoverDimensions:328 pages, 9.21 × 6.14 × 0.1 inPublished:December 24, 2011Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199606463

ISBN - 13:9780199606467

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Table of Contents

Introduction1. The Genesis of SDRs and the Limitations of the Rio Agreement2. SDRs in the Transition from Bretton Woods Monetary Arrangements3. The Influence of US and European Policy on the SDR Under Post-Bretton Woods Arrangements4. The SDR and the US International Monetary Policy Process5. SDRs and the Negotiation of the Second Amendment to the Fund's Articles of Agreement6. SDRs After the Second AmendmentConclusionAppendix 1Appendix 2Appendix 3