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Renovation Of The Global Reserve Regime: Concepts And Proposals

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Executive Summary

The subject of this paper is one about which the author had written before, but this paper goes further than those published previously. It contemplates the gradual transformation of the global reserve regime by making the IMF's quasi-currency, the SDR, the primary reserve asset of the international monetary system, which was the objective adopted when the SDR was introduced in 1969. The proposal itself is not new. In the late 1970s, the staff of the International Monetary Fund proposed the creation of a so-called substitution account, into which foreign official holders of US dollars could deposit some of their dollars in exchange for claims denominated in SDRs.

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