Why Does the World Need a Reserve Asset with a Hard Anchor？,
Why Does the World Need a Reserve Asset with a Hard Anchor？,作者机构：School of International Studies Renmin University of China Beijing 100872 China International Monetary Institute of Renmin University of China SDR Division of the Finance Department IMF Agriculture Global Practice International Bank for Reconstruction and Development (IBRD)Washington DC USA
出 版 物：《Frontiers of Economics in China-Selected Publications from Chinese Universities》 (中国高等学校学术文摘·经济学（英文版）)
年 卷 期：2017年第12卷第4期
页 面：545-570页
学科分类：11[军事学] 02[经济学] 0201[经济学-理论经济学] 020101[经济学-政治经济学]
主 题：reserve currency exchange rate volatility exorbitant privilege,fiscal discipline hard anchor balance of payments real SDR
摘 要：From the 1970s, the global currency system has two features： the use of one or a few sovereign currencies as the global reserve asset and the floating exchange rate regime between major currencies. This paper points out that the costs of the dollar＇s use as an international reserve currency exceed the benefits for both the US and the rest of the world. These costs include the exporting of American manufacturing as a byproduct of its current account deficit needed to supply its currency to the rest of the world. In addition to the detriment to trade from unpredictable exchange rate fluctuations, the termination of the U.S. obligation to redeem its currency for gold also removed an important restraint on deficit financing for the US and many other countries in the short-run, thus promoting excessive leverage that was a major contributor to the 2008 financial crisis. The paper suggests replacing several main countries＇ currencies in international reserves with a real Special Drawing Right （SDR） issued according to currency board rules.
维普期刊数据库