Chapter

The influence of US policy on the SDR under post‐Bretton Woods arrangements

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/9780199606467.003.0004
The influence of US policy on the SDR under post‐Bretton Woods arrangements

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SDRs could not prop up a Bretton Woods system without US support. And it is true that the SDR was no longer a priority for the US as post‐Bretton Woods arrangements consolidated themselves. Importantly, however, the US embrace of post‐Bretton Woods arrangements also included an accommodation of an SDR under the new system. The European Community and then European Union, as well as the IMF itself, also lost interest in the SDR as the complexities of both US international economic policy determination and international monetary governance intensified.

Keywords: post Bretton Woods monetary system/arrangements; US international monetary policy (process); Smithsonian Agreement; floating/flexible exchange rates

Chapter.  15817 words. 

Subjects: Macroeconomics and Monetary Economics

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