The "Hard" SDR: An Exploratory Analysis

BySubhash Madhav Thakur

March 1, 1994

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

There has been considerable interest in recent years in the possibility of hardening the SDR, motivated by the desire for an international yardstick of monetary stability. This paper explores various ideas aimed at hardening the SDR in the light of the previous debate on the valuation of the SDR. The paper shows that the construction and implementation of a “hard” SDR which would preserve its purchasing power over goods and services is technically feasible and illustrates this by monthly computations covering the period from July 1974 to July 1993.

Subject: Commodities, Currencies, Depreciation, Inflation, Money, National accounts, Prices, Purchasing power

Keywords: basket currency, Currencies, currency, Depreciation, ecu, Inflation, Purchasing power, real value, SDR, SDR allocation, SDR basket currency, SDR basket of currencies, SDR deflator, SDR inflation rate, SDR stable, unit of account, value, WP

Pages:
58
Volume:
1994
DOI:
https://doi.org/10.5089/9781451920796.001
Issue:
025
Series:
Working Paper No. 1994/025
Stock No:
WPIEA0251994
ISBN:
9781451920796
ISSN:
1018-5941

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Notes

Construction and computation of a "hard SDR basket" is illustrated on a monthly basis for the period from July 1974 to July 1993. Also published in Staff Papers, Vol. 41, No. 3, September 1994.

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