Composite reserve assets in the international monetary system /
Dreyer, Jacob S.
Composite reserve assets in the international monetary system / - Greenwich, Conn. : JAI Press, 1977. - xvi, 191 p. :ill, - Contemporary studies in economic and financial analysis ; .
Includes index.
Bibliography: p. 183-186.
This book focuses on the implications of alternative techniques of valuation of the SDR both for reserve composition and management and for the operation of the SDR as a "pivot. " It then describes the conditions for stability of the composition of reserve portfolios in a two-asset model, including the effects of changes in the yield on SDRs and in their quantity. Two of the major conclusions reached in the study are (1) that it would be
preferable to have an explicit technique for maintaining the currency value of the SDR, rather than define the SDR so that its currency value can fluctuate, as is currently the case with the "standard basket" definition of the SDR, and (2) changing the stock of SDRs, rather than their rate of return, is the preferable method for achieving a stable composition of assets in countries' reserve portfolios.
0892320036 :
Special drawing rights.
International liquidity.
International finance.
HG3898 / .D73
332.4'5 / DRE
Composite reserve assets in the international monetary system / - Greenwich, Conn. : JAI Press, 1977. - xvi, 191 p. :ill, - Contemporary studies in economic and financial analysis ; .
Includes index.
Bibliography: p. 183-186.
This book focuses on the implications of alternative techniques of valuation of the SDR both for reserve composition and management and for the operation of the SDR as a "pivot. " It then describes the conditions for stability of the composition of reserve portfolios in a two-asset model, including the effects of changes in the yield on SDRs and in their quantity. Two of the major conclusions reached in the study are (1) that it would be
preferable to have an explicit technique for maintaining the currency value of the SDR, rather than define the SDR so that its currency value can fluctuate, as is currently the case with the "standard basket" definition of the SDR, and (2) changing the stock of SDRs, rather than their rate of return, is the preferable method for achieving a stable composition of assets in countries' reserve portfolios.
0892320036 :
Special drawing rights.
International liquidity.
International finance.
HG3898 / .D73
332.4'5 / DRE