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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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SDRs and the negotiation of the Second Amendment to the Fund's Articles of Agreement

SDRs and the negotiation of the Second Amendment to the Fund's Articles of Agreement

Chapter:
(p.148) 5 SDRs and the negotiation of the Second Amendment to the Fund's Articles of Agreement
Source:
Special Drawing Rights (SDRs)
Author(s):

Christopher M.D. Wilkie

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199606467.003.0006

The Second Amendment to the IMF Articles of Agreement (the Jamaica Agreement) did much more than simply legalize the floating exchange rate system. Of fundamental importance were decisions to accommodate a much greater role for SDRs in the future that were also incorporated in the new Articles. The legacy of the Second Amendment continues to facilitate this greater role today and this accomplishment is another example of a hitherto neglected legacy for SDRs. This is a relatively neglected but fundamentally important development in the history of SDRs.

Keywords:   Jamaica Agreement/Second Amendment to the IMF Articles of Agreement, Gold substitution account, Reconstitution provision, Legalized floating exchange rate system, Independence of International Monetary Fund

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