JOURNAL ARTICLE
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Die Bindung des Wechselkurses an das Sonderziehungsrecht — Ein Rückblick
Credit and Capital Markets – Kredit und Kapital, Vol. 26 (1993), Iss. 3 : pp. 451–468
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Bernhard Duijm, Tübingen
References
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Abstract
Ties between the Exchange Rate and the Special Drawing Bight
A general float of exchange rates has led to greater instability of the weighted external value of many countries’ currency especially where it is related to non-basket currencies. As an exchange-rate policy alternative, many countries have opted in favour of making their currency a basket currency in order to effectively stabilize their exchange rates thereby. Since the IMF Special Drawing Right (SDR) is a currency basket-based monetary unit, it lends itself as a reference basis for fixing exchange rates. Before the early 1980s, the SDR was of certain importance as a basis on which to fix exchange rates. Inspite of the IMF’s efforts to strengthen the monetary function of the SDR, a rising number of countries are now turning their backs on ties between their currency and the SDR and showing a preference for different exchange-rate regimes.