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Fruits of the Crisis: Leveraging the economic crisis to secure development resources and reserve reform (No. 29)

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USD 6.00 Publisher: TWN
ISBN: 978-967-5412-43-1
Year: 2010
No. of pages: 40
Size of book: 14.5cm x 21cm
Author: Soren Ambrose & Bhumika Muchhala
About the Book

The allocation of Special Drawing Rights (SDRs) to member states of the International Monetary Fund (IMF) during the economic crisis in 2009 has highlighted the unique financing potential of this international reserve asset issued by the IMF. In this paper, ways to effectively utilize the SDR as a source of liquidity and development funding for developing countries are explored.

The SDR is also a key element in many of the proposals for reforming the global reserve system advanced in the wake of the crisis. It is seen as a possible vehicle for the creation of an international reserve currency that would remove the distortions arising from the present dependence on the US dollar. This paper looks at the discussion on SDRs and reserve reform generated by the crisis, and the opportunities it presents to establish a more efficient and development-friendly reserve regime.

About the Author

SOREN AMBROSE is Development Finance Coordinator at ActionAid.

Contents

EXECUTIVE SUMMARY

    INTRODUCTION

    ALLOCATING SPECIAL DRAWING RIGHTS TO FINANCE DEVELOPMENT
    How do SDRs work?
    New special allocations of SDRs
    Reversible, or temporary, SDRs
    Proposals for SDR transfers

    TOWARDS REFORM OF THE GLOBAL RESERVE SYSTEM
    Why a new system?: The risks of relying on the US dollar
    The growth of reserves in developing countries – and the cost
    Fixing the global reserve system ... and the IMF too

    RECOMMENDATIONS

References

Annex: Language on Global Reserve System and Special Drawing Rights in Key Documents

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This product was added to our catalog on Thursday 05 January, 2012.


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