Low-Income Countries and an SDR-based International Monetary System |
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Authors: | Pietro Alessandrini Andrea F. Presbitero |
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Affiliation: | (1) Department of Economics and Social Sciences, Universit? Politecnica delle Marche, Ancona, Italy;(2) Money and Finance Research group (MoFiR), Ancona, Italy;(3) Centre for Macroeconomic and Finance Research (CeMaFiR), Milan, Italy |
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Abstract: | The global financial crisis, the weakening role of the dollar and the increasing international importance of China are calling for a reform of the international monetary system in the direction of greater multilateralism. To this end, we advance a proposal based on a greater role of the Special Drawing Rights (SDRs) and focus on the potential benefits that these could bring to Low-Income Countries (LICs). SDRs would be created exogenously - with a disproportionate allocation to LICs -, but also endogenously, through a substitution account and an overdraft facility. Finally, the paper discusses the superiority of this proposal in the context of the current foreign assistance framework. |
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