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The Link between SDRs and Aid

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The International Monetary System and the Less Developed Countries

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Abstract

International money is made up a number of components, including gold and foreign exchange. The production costs involved with a commodity money, such as gold, may be. largely avoided by replacing it with some form of fiat money. The replacement of gold by international fiat monies therefore gives rise to a considerable social saving in terms of the resources freed from producing money. Such replacement would appear to represent an unambiguous shift towards greater efficiency in international monetary arrangements. As the international monetary system has operated, however, not all countries have gained equally from the social saving implied by the movement which has taken place away from the gold standard and towards the foreign-exchange method of creating international money.

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Author information

Authors and Affiliations

  1. University of Surrey, UK

    Graham Bird (Senior Lecturer in Economics)

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  1. Graham Bird
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© 1982 Graham Bird

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Bird, G. (1982). The Link between SDRs and Aid. In: The International Monetary System and the Less Developed Countries. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-16903-0_11

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