Abstract
ABSTRACT In the late-1960’s, international discussions over a possible reform of the international monetary system originated the Special Drawing Right (SDR). While they had been created initially to represent an additional asset to complement the existing reserves of U.S. dollars and gold, after the crisis of the Bretton Woods system the SDR was considered a possible substitute of the U.S. dollar. Relying on a consolidated literature, this article aims at demonstrating that the origins of the SDR were not the exclusive result of technical financial negotiations, but of the convergence of higher political interests against the United States and the dollar dominance.
Highlights
The Special Drawing Right (SDR) consists of an international fiduciary asset created in 1969 by the International Monetary Fund (IMF)
Important proposals to reform the international monetary system after the 2008 crisis, among them the one presented by the United Nations Organization (UN)3, emphasized a more active role of the SDR in order to minimize the instability and inequality caused by the dollar dominance in the contemporary international monetary system(OCAMPO, 2012)
As well as in debates on reform proposals in the international monetary system after 2008, the SDR is called upon since its origin to minimize economic and political instability generated around the global structural dependence on the U.S currency
Summary
Resumo: No final dos anos 1960, as discussões internacionais sobre uma possível reforma do sistema monetário internacional originou os Direitos Especiais de Saque (SDR). Abstract: In the late-1960’s, international discussions over a possible reform of the international monetary system originated the Special Drawing Right (SDR). While they had been created initially to represent an additional asset to complement the existing reserves of U.S dollars and gold, after the crisis of the Bretton Woods system the SDR was considered a possible substitute of the U.S dollar.
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