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- Title
Low-Income Countries and an SDR-based International Monetary System.
- Authors
Alessandrini, Pietro; Presbitero, Andrea
- Abstract
The global financial crisis, the weakening role of the dollar and the increasing international importance of China are calling for a reform of the international monetary system in the direction of greater multilateralism. To this end, we advance a proposal based on a greater role of the Special Drawing Rights (SDRs) and focus on the potential benefits that these could bring to Low-Income Countries (LICs). SDRs would be created exogenously - with a disproportionate allocation to LICs -, but also endogenously, through a substitution account and an overdraft facility. Finally, the paper discusses the superiority of this proposal in the context of the current foreign assistance framework.
- Subjects
CHINA; SPECIAL drawing rights; INTERNATIONAL finance; FINANCIAL crises; DOLLAR; OVERDRAFTS; INTERNATIONAL economic assistance; BANK reserves
- Publication
Open Economies Review, 2012, Vol 23, Issue 1, p129
- ISSN
0923-7992
- Publication type
Article
- DOI
10.1007/s11079-011-9232-2