This paper describes how the changed conditions in the international monetary system have undermined the role originally envisaged for the SDR. It argues that the concept of a global stock of international liquidity, which was fundamental to the creation of the SDR, is now no longer relevant....

Cover -- Half Title -- Title -- Copyright -- Contents -- List of Boxes, Figures, and Tables -- Acknowledgments -- Introduction -- I. The Role of the International Monetary Fund -- 1. The Essence of Bretton Woods: Monetary Cooperation -- 2. The International Monetary Issues of the Bretton Woods...