Why Does the World Need a Reserve Asset with a Hard Anchor？,  

作　　者：Dongsheng Di Warren Coats Yuxuan Zhao 

机构地区：[1]School of International Studies, Renmin University of China, Beijing 100872, China [2]International Monetary Institute of Renmin University of China [3]SDR Division of the Finance Department, IMF [4]Agriculture Global Practice, International Bank for Reconstruction and Development (IBRD),Washington, DC, USA

出　　处：《Frontiers of Economics in China-Selected Publications from Chinese Universities》2017年第4期545-570,共26页中国高等学校学术文摘·经济学（英文版）

摘　　要：From the 1970s, the global currency system has two features： the use of one or a few sovereign currencies as the global reserve asset and the floating exchange rate regime between major currencies. This paper points out that the costs of the dollar＇s use as an international reserve currency exceed the benefits for both the US and the rest of the world. These costs include the exporting of American manufacturing as a byproduct of its current account deficit needed to supply its currency to the rest of the world. In addition to the detriment to trade from unpredictable exchange rate fluctuations, the termination of the U.S. obligation to redeem its currency for gold also removed an important restraint on deficit financing for the US and many other countries in the short-run, thus promoting excessive leverage that was a major contributor to the 2008 financial crisis. The paper suggests replacing several main countries＇ currencies in international reserves with a real Special Drawing Right （SDR） issued according to currency board rules.From the 1970s, the global currency system has two features： the use of one or a few sovereign currencies as the global reserve asset and the floating exchange rate regime between major currencies. This paper points out that the costs of the dollar＇s use as an international reserve currency exceed the benefits for both the US and the rest of the world. These costs include the exporting of American manufacturing as a byproduct of its current account deficit needed to supply its currency to the rest of the world. In addition to the detriment to trade from unpredictable exchange rate fluctuations, the termination of the U.S. obligation to redeem its currency for gold also removed an important restraint on deficit financing for the US and many other countries in the short-run, thus promoting excessive leverage that was a major contributor to the 2008 financial crisis. The paper suggests replacing several main countries＇ currencies in international reserves with a real Special Drawing Right （SDR） issued according to currency board rules.

关 键 词：reserve currency exchange rate volatility exorbitant privilege fiscal discipline hard anchor balance of payments real SDR 

分 类 号：E42[军事—军事理论] F02[经济管理—政治经济学]