Český finanční a účetní časopis 2013(4):30-44 | DOI: 10.18267/j.cfuc.350

Role of SDR in International Monetary System

Jana Marková
Doc. Ing. Jana Marková, CSc. - docentka; Katedra měnové teorie a politiky, Fakulta financí a účetnictví, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3; <markovaj@vse.cz>.

Presented article deals with SDR issued by International Monetary Fund in early seventies. It is a reserve asset whose issuance should reduce a dependence of foreign reserve creation on a stock of gold and on a U. S. balance of payments. After a crash of Bretton-Woods monetary system SDR should become a basic reserve asset whereby it could be possible to control and regulate international liquidity. The target of the article is to analyze its current and past role in international monetary system and to show problems that block it to play a role of a world currency and to become a global currency that international monetary system is based on. Attention is also devoted to characteristic of SDR allocation and usage mechanism and a principle of definition of its value and interest rate.

Keywords: Special Drawing Rights; Foreign reserves; International liquidity.
JEL classification: F33

Published: December 1, 2013  Show citation

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Marková, J. (2013). Role of SDR in International Monetary System. Czech Financial and Accounting Journal, 2013(4), 30-44. doi: 10.18267/j.cfuc.350
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