Chapter

The SDR and the US international monetary policy process

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/9780199606467.003.0005
The SDR and the US international monetary policy process

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Delving further into US policy determination provides other clues as to why SDRs became marginalized in the late 1970s and 1980s. For instance, US international monetary policy determination was affected by increased Congressional interest in the asset—with the Watergate scandal providing the dramatic backdrop for changing dynamics between the legislative and executive branches of government. These changing dynamics continue to characterize international economic policy determination in the US today, as does the role of the Federal Reserve. Not surprisingly, they also adversely affected prospects for the SDR.

Keywords: ad hoccery; SDR and US dollar – support vs substitute; US dollar and international monetary system; changes to relationship between legislative and executive branches of US government

Chapter.  15217 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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