The case for a real SDR currency board

Warren Coats

Since the collapse of the gold standard and the Bretton Woods system in the early 1970s, the resulting international monetary system (IMS) has supported a dramatic growth in world trade and finance. Yet the system of market-determined or managed exchange rates, which suited a world of limited international monetary cooperation, and the dominance of the US dollar in international reserves and for international transactions, has well-known shortcomings and vulnerabilities that have revived the

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