The "Hard" SDR: An Exploratory Analysis


Subhash Madhav Thakur

Publication Date:

March 1, 1994

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate


There has been considerable interest in recent years in the possibility of hardening the SDR, motivated by the desire for an international yardstick of monetary stability. This paper explores various ideas aimed at hardening the SDR in the light of the previous debate on the valuation of the SDR. The paper shows that the construction and implementation of a “hard” SDR which would preserve its purchasing power over goods and services is technically feasible and illustrates this by monthly computations covering the period from July 1974 to July 1993.


Working Paper No. 1994/025



Construction and computation of a "hard SDR basket" is illustrated on a monthly basis for the period from July 1974 to July 1993. Also published in Staff Papers, Vol. 41, No. 3, September 1994.


Publication Date:

March 1, 1994



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