Chapter

The genesis of SDRs and the limitations of the Rio Agreement

Christopher M.D. Wilkie

in Special Drawing Rights (SDRs)

Published in print November 2011 | ISBN: 9780199606467
Published online January 2012 | e-ISBN: 9780191731648 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199606467.003.0002
The genesis of SDRs and the limitations of the Rio Agreement

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Since the 1970s, conventional wisdom in both economic and international relations/political economy literature is that the clumsily‐named Special Drawing Rights were a compromise that doomed their prospects from the start. This chapter re‐examines contemporary literature and reveals widespread enthusiasm for the asset—not only from the academic community but among policy makers in the developed and developing world, as well as within the private sector, including commercial banks. An examination of the precursors of SDRs also reveals that their creation was rooted in a long and reputable history.

Keywords: gold standard; Triffin dilemma; First Amendment to the IMF Articles of Agreement; Rio Agreement; Group of 10 (G‐10); Bretton Woods system

Chapter.  16126 words. 

Subjects: Macroeconomics and Monetary Economics

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