Working Paper: NBER ID: w17492
Authors: Michael D. Bordo; Harold James
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.
Keywords: No keywords provided
JEL Codes: F02; F33; F55
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| excessive accumulation of reserves (H62) | domestic opportunity costs (D10) |
| behavior of reserve holders (E58) | stability of the dollar (F31) |
| reserve currency provider's actions (E42) | geopolitical tensions (F52) |