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Web Site Citations
MLA Style:
Kenen, Peter. B. Policy Brief 10-6: The Substitution Account as a First Step Toward Reform of the International Monetary System. Peterson Institute for International Economics, 1 Mar. 2010. Web. 1 Mar. 2010. <http://www.iie.com/publications/interstitial.cfm?ResearchID=1510>.
APA Style:
Kenen, P. B. (2010). Policy Brief 10-6: The Substitution Account as a First Step Toward Reform of the International Monetary System. Retrieved Mar. 1, 2010, from Peterson Institute for International Economics, Washington, DC. Web site: http://www.iie.com/publications/interstitial.cfm?ResearchID=1510.
CBE/CSE Style:
Kenen P B. 2010 [cited 2010 Mar 1].Policy Brief 10-6: The Substitution Account as a First Step Toward Reform of the International Monetary System. [Internet]. Washington, DC: Peterson Institute for International Economics. Available from: http://www.iie.com/publications/interstitial.cfm?ResearchID=1510.
Chicago Style:
Bibliography (Notes and Bibliography System):
Kenen, Peter B. "Policy Brief 10-6: The Substitution Account as a First Step Toward Reform of the International Monetary System." Peterson Institute for International Economics. http://www.iie.com/publications/interstitial.cfm?ResearchID=1510 (accessed March 1, 2010).
References List (Author-Date System):
Kenen, Peter B. Policy Brief 10-6: The Substitution Account as a First Step Toward Reform of the International Monetary System. Peterson Institute for International Economics. http://www.iie.com/publications/interstitial.cfm?ResearchID=1510 (accessed March 1, 2010).
Policy Brief 10-6
The Substitution Account as a First Step Toward Reform of the International Monetary System
by Peter B. Kenen, Princeton University
March 2010
The creation of a substitution account might be costly to the United States, but the cost could be greatly reduced by adopting a cost-sharing regime or assessing an annual fee on depositors. The United States also must consider the effect of reserve currency diversification by central banks that now hold larger dollar reserves than they need to cope with balance-of-payment problems. Large-scale diversification could cause extremely disorderly depreciation of the dollar. To avoid this, Kenen recommends revisiting the potential costs and benefits of a substitution account lodged in the International Monetary Fund (IMF), which could act as a barrier against further development of a multi-currency reserve system.
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