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Hello! I wrote a piece for @TheEconomist about whether the IMF should issue more special drawing rights.
https://www.economist.com/finance-and-economics/2020/04/11/should-the-imf-dole-out-more-special-drawing-rights
https://www.economist.com/finance-and-economics/2020/04/11/should-the-imf-dole-out-more-special-drawing-rights
A thread of some relevant resources that I found useful:
1) From Ted Truman, proponent of the SDR allocation in 2009, and proponent now
https://www.piie.com/blogs/realtime-economic-issues-watch/imf-will-need-more-resources-fight-covid-19-pandemic
1) From Ted Truman, proponent of the SDR allocation in 2009, and proponent now
https://www.piie.com/blogs/realtime-economic-issues-watch/imf-will-need-more-resources-fight-covid-19-pandemic
2) From Kevin Gallagher, Dr José Antonio Ocampo & Dr Ulrich Volz (also advocates) who see an SDR allocation as an opportunity to increase the role of SDRs
http://ftalphaville.ft.com/2020/03/20/1584709367000/It-s-time-for-a-major-issuance-of-the-IMF-s-Special-Drawing-Rights/
http://ftalphaville.ft.com/2020/03/20/1584709367000/It-s-time-for-a-major-issuance-of-the-IMF-s-Special-Drawing-Rights/
3) @Brad_Setser who is just really smart
https://www.cfr.org/blog/addressing-global-dollar-shortage-more-swap-lines-new-fed-repo-facility-central-banks-more-imf
https://www.cfr.org/blog/addressing-global-dollar-shortage-more-swap-lines-new-fed-repo-facility-central-banks-more-imf
Now for some sceptics
4) @sobel_mark, who *KNOWS* how the system works, argues that "given more practical realities, the case for an allocation is neither sufficiently strong nor compelling." Other policies would be more effective/efficient.
https://www.omfif.org/2020/03/coronavirus-sdr-allocation-not-the-answer/
4) @sobel_mark, who *KNOWS* how the system works, argues that "given more practical realities, the case for an allocation is neither sufficiently strong nor compelling." Other policies would be more effective/efficient.
https://www.omfif.org/2020/03/coronavirus-sdr-allocation-not-the-answer/
5) Ousmène Mandeng, another sceptic, who looks at whether governments converted their SDRs into cash.
https://www.economicsadvisory.com/comments/20-03-20-SDR-allocation.html
https://www.economicsadvisory.com/comments/20-03-20-SDR-allocation.html
A response to the critics, from Gallagher/Ocampo/Volz
https://www.brookings.edu/blog/future-development/2020/03/26/imf-special-drawing-rights-a-key-tool-for-attacking-a-covid-19-financial-fallout-in-developing-countries/?utm_source=feedblitz&utm_medium=FeedBlitzRss&utm_campaign=brookingsrss/topfeeds/latestfrombrookings
https://www.brookings.edu/blog/future-development/2020/03/26/imf-special-drawing-rights-a-key-tool-for-attacking-a-covid-19-financial-fallout-in-developing-countries/?utm_source=feedblitz&utm_medium=FeedBlitzRss&utm_campaign=brookingsrss/topfeeds/latestfrombrookings
Some figures from @SergiLanauIIF, who points out that an allocation would be too small to matter for EMs, but could make a difference in some African countries
https://www.iif.com/Publications/ID/3840/Economic-Views--EM-Funding-Needs-in-the-COVID-19-Shock
https://www.iif.com/Publications/ID/3840/Economic-Views--EM-Funding-Needs-in-the-COVID-19-Shock
THANKS to everyone listed and everyone who spoke to me on background.
PS though my sources were (slightly) more diverse than this list suggests, I would be VERY grateful for all suggestions to make them more so.
