Using the Special Drawing Rights (SDR) as a lever to reform the international monetary system / Usando los derechos especiales de giro (DEG) como herramienta para reformar el sistema monetario internacional
First Edition
The Robert Triffin International association (RTI), based at the University of Louvain-la-Neuve launched in 2009 the "Triffin 21 Initiative" to address the wellknown but still unresolved “Triffin's dilemma”, namely the asymmetry created by the use of a national currency as the main international currency, which introduces a “built-in destabilizer”. Read More
The "Robert Triffin International" association (RTI), based at the University of Louvain-la-Neuve launched in 2009 the “Triffin 21 Initiative” to address the wellknown but still unresolved “Triffin's dilemma”, namely the asymmetry created by the use of a national currency (the US dollar) as the main international currency, which introduces a “built-in destabilizer”. The resulting global monetary waves have played a fundamental role in the recent global crisis. The first-best solution to this dilemma, Triffin claimed, would consist of a multilateral reserve currency issued by the IMF, but policymakers so far have stuck to the status quo. RTI thus set up in 2013 an “SDR Working Party” which has issued this synthetic report, proposing to break out of this dead-end with practical proposals aimed at improving the use of the IMF’s “Special Drawing Rights” (SDR) and developing a private SDR market.
The "Robert Triffin International" association (RTI), based at the University of Louvain-la-Neuve launched in 2009 the “Triffin 21 Initiative” to address the wellknown but still unresolved “Triffin's dilemma”, namely the asymmetry created by the use of a national currency (the US dollar) as the main international currency, which introduces a “built-in destabilizer”. The resulting global monetary waves have played a fundamental role in the recent global crisis. The first-best solution to this dilemma, Triffin claimed, would consist of a multilateral reserve currency issued by the IMF, but policymakers so far have stuck to the status quo. RTI thus set up in 2013 an “SDR Working Party” which has issued this synthetic report, proposing to break out of this dead-end with practical proposals aimed at improving the use of the IMF’s “Special Drawing Rights” (SDR) and developing a private SDR market.
La Asociación “Robert Triffin Internacional (RTI), basada en la Universidad de Louvain-la-Neuve, lanzó en 2009 la “Iniciativa Triffin 21” con el fin de re-examinar el conocido pero no aun resuelto “Dilema de Triffin”, especialmente la asimetría creada por el uso de una moneda nacional (el dólar de los EE-UU), lo que introduce un “destabilizador sistémico”. Las ondas monetarias mundiales así generadas desempeñan un papel fundamental en la crisis reciente. La mejor solución lógica a este dilema, tal como Triffin lo formuló, es la creación de una moneda de reserva multilateral emitida por el FMI, pero los responsables políticos quedan pegados al status quo. Por lo tanto, RTI ha creado en 2013 un “Grupo de trabajo sobre los DEG” cuyos resultados son presentados en este informe sintético con el fin de poder salir del inmovilismo al formular propuestas aplicables capaces de fomentar el uso del DEG oficial y el desarrollo de un mercado privado del DEG.
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- Publisher
- Versant Sud
- Title Part
-
Numéro 2
- Author
- Robert Triffin International Association - RTI,
- Collection
- International Monetary Issues
- Language
- English, Spanish
- BISAC Subject Heading
- BUS027000 BUSINESS & ECONOMICS / Finance
- Onix Audience Codes
- 06 Professional and scholarly
- CLIL (Version 2013-2019)
- 3181 Finance
- Title First Published
- 05 October 2015
Paperback
- Publication Date
- 05 October 2015
- ISBN-13
- 978-2-930358-68-0
- Extent
- Main content page count : 60
- Legal Copyright Date
- D/2015/9445/2, Belgium
- Code
- 9782930358680
- Dimensions
- 15 x 21 x 0.4 cm
- Weight
- 100 grams
- List Price
- 12.00 €
- ONIX XML
- Version 2.1, Version 3
- Publication Date
- 05 October 2015
- ISBN-13
- 978-2-930358-69-7
- Extent
- Absolute page count : 64
- Legal Copyright Date
- D/2015/9445/2
- Code
- 92327PDF
- ONIX XML
- Version 2.1, Version 3
ePub
- Publication Date
- 05 October 2015
- ISBN-13
- 978-2-930358-70-3
- Extent
- Absolute page count : 60
- Legal Copyright Date
- D/2015/9445/2
- Code
- 92327EPUB
- ONIX XML
- Version 2.1, Version 3
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Contents
Using the special drawing rights (SDR) as a lever to reform the international monetary system
Foreword
Composition of the SDR Working Party
The SDR Working Party's Report
The systemic flaw in the present IMS and the basic principles for a first best solution
1. Understanding the "built-in destabilizer" in the present IMS
2. The long-term need for a systemic reform eliminating the Triffin dilemma
Making the best out of the current system: the SDR as a key element for an improved IMS
3. The medium-term need for a pragmatic step towards a systemic solution
4. The need for a stable reserve currency
5. The need for an effective management of global liquidity
6. The SDR as the best instrument for a gradual reform of the IMS
Enhancing the role of official SDRs
7. Use the SDR more actively in the official sector life
8. International Lender of Last Resort
9. General SDR allocations
10. Targeted allocations
11. Diversification of reserves
12. SDRs and the Triffin dilemma
13. Making the SDR more attractive and user-friendly
Promoting a private SDR market
14. The need for an SDR market
15. The need for SDR Clearing arrangements
16. Providing legal certainty and practicable administrative rules
17. Developing private SDR operations by the public sector
18. Linking private and official SDRs
Usando los derechos especiales de giro (DEG) como herramienta para reformar el sistema monetario internacional
Prólogo
Composición del Grupo de Trabajo sobre el DEG
El informe del Grupo de Trabajo sobre el DEG
El defecto sistémico en el SMI actual y los principios básicos para una solución óptima
1. Comprender el "built-in destabilizer" en el SMI actual
2. La necesidad a largo plazo de una reforma sistémica que elimine el dilema Triffin
Sacando provecho del sistema actual: el DEG como elemento clave de un SMI perfeccionado
3. La necesidad a mediano plazo de un paso pragmático hacia una solución sistémica
4. La necesidad de una moneda de reserva estable
5. La necesidad de una gestión efectiva de la liquidez global
6. El DEG como el mejor instrumento para una reforma gradual del SMI
Promover el papel de los DEG oficiales
7. Utilización más activa de los DEG en la vida del sector oficial
8. Prestamista Internacional de Última Instancia (PUI)
9. Asignaciones generales de DEG
10. Asignaciones para destinatarios específicos (“targeted allocations”)
11. Diversificación de las reservas
12. Los DEG y el dilema Triffin
13. Hacer que los DEG sean más atractivos y fácilmente manejables
Promover un mercado privado de DEG
14. La necesidad de un mercado de DEG
15. La necesidad de acuerdos de compensación en DEG
16. Brindar seguridad jurídica y reglas administrativas viables
17. Desarrollando operaciones privadas del sector público en DEG
18. Crear un nexo entre los DEG privados y oficiales