The Inflationary Potential of the Historic 2021 SDR Allocation-Reference-Cited by-同舟云学术

The Inflationary Potential of the Historic 2021 SDR Allocation

Published:2022-06-01 Issue:1 Volume:19 Page:25-35
ISSN:1553-3832
Container-title:The Economists’ Voice
language:en
Short-container-title:

Author:

Beretta Edoardo¹^ORCID,Neuberger Doris²

Affiliation:

1. Università Della Svizzera Italiana , Lugano , 6900 , Switzerland

2. University of Rostock , Rostock , Germany

Abstract

Abstract The paper assesses whether Special Drawing Rights (SDR), namely international reserve assets and claims on freely useable currencies of its members created and allocated by the International Monetary Fund (IMF), are inflationary. This question has been already raised in the economic literature, but the paper does so by specifically analyzing its most recent and highest allocation in August 2021 on the one hand and its use by member countries to combat the COVID-19 crisis on the other. Moreover, the article revamps the logical-conceptual debate on the essence of money as issued by banks and what the IMF (which is not a bank) is monetarily speaking capable of.

Publisher

Walter de Gruyter GmbH

Subject

General Economics, Econometrics and Finance,General Business, Management and Accounting

Link

https://www.degruyter.com/document/doi/10.1515/ev-2021-0029/pdf

Reference33 articles.

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2. Altman, O. L. 1961. “Professor on International Liquidity and the Role of the Fund.” IMF Staff Papers 8: 151–91, https://doi.org/10.2307/3866148.

3. Arauz, A., and K. Cashman. 2021. First Available Data Shows Countries Are Using Special Drawing Rights to Stabilize Their Economies and Address the Pandemic. https://cepr.net/first-data-shows-countries-using-special-drawing-rights-stabilize-their-economies-and-address-the-pandemic (accessed September 29, 2021).

4. Beretta, E. 2021. “Inflationsrisiko als Folgeeffekt der COVID-19-Pandemie?” List Forum für Wirtschafts- und Finanzpolitik 46: 359–77, https://doi.org/10.1007/s41025-021-00213-8.

5. Cencini, A. 2008. Elementi di Macroeconomia Monetaria. Padova: CEDAM.

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