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Reserve Currency And A Lender Of Next-To-Last Resort: A Literature Review, Alida S. Skold
Reserve Currency And A Lender Of Next-To-Last Resort: A Literature Review, Alida S. Skold
Alida S. Skold
The role of the US dollar as the global dominant reserve currency is eroding. Debate is ongoing regarding next steps. Moving the international monetary system to a single global currency is part of the debate. Literature reviews the eroding role of the US dollar and implications the erosion carries for the US. The Special Drawing Rights developed by the IMF could fill the role of Keynes’ recommended global currency known as the “bancor.” Regardless of the nature of the global reserve currency, access to liquidity is required to have an effective international monetary system. Literature defines a missing layer of …