Reserves and Baskets |
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| Authors: | Michael D Bordo Harold James |
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| Institution: | (1) Rutgers University, New Brunswick, NJ, USA;(2) Princeton University, Princeton, NJ, USA |
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| Abstract: | We discuss three well known plans that were offered in the twentieth century to provide an artificial replacement for gold
and key currencies as international reserves: Keynes’ Bancor, the SDR and the Ecu(predecessor to the euro).The latter two
of these reserve substitutes were institutionalized but neither replaced the dollar as the principal medium of international
reserve. |
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