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Special Drawing Rights (SDRs)The First International Money$
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Christopher Wilkie

Print publication date: 2011

Print ISBN-13: 9780199606467

Published to Oxford Scholarship Online: January 2012

DOI: 10.1093/acprof:oso/9780199606467.001.0001

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The SDR and the US international monetary policy process

The SDR and the US international monetary policy process

Chapter:
(p.112) 4 The SDR and the US international monetary policy process
Source:
Special Drawing Rights (SDRs)
Author(s):

Christopher M.D. Wilkie

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199606467.003.0005

Delving further into US policy determination provides other clues as to why SDRs became marginalized in the late 1970s and 1980s. For instance, US international monetary policy determination was affected by increased Congressional interest in the asset—with the Watergate scandal providing the dramatic backdrop for changing dynamics between the legislative and executive branches of government. These changing dynamics continue to characterize international economic policy determination in the US today, as does the role of the Federal Reserve. Not surprisingly, they also adversely affected prospects for the SDR.

Keywords:   ad hoccery, SDR and US dollar – support vs substitute, US dollar and international monetary system, changes to relationship between legislative and executive branches of US government

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