Preserving the Dollar for the Casino: Rejecting the Substitution Account

Miriam Bettamin

doi:10.60923/issn.2611-2752/22572

Authors

Miriam Bettamin University of Turin

Miriam Bettamin is a PhD Candidate in the Global History of Empires Program at the University of Turin. Stemming from an interest in contemporary US history and the global economy, her research project focuses on the relationship between the Federal Reserve and the Reagan Administration, looking at how it shaped international monetary relations and the cooperation among central banks in the 1980s.

DOI:

https://doi.org/10.60923/issn.2611-2752/22572

Keywords:

Carter Administration, international monetary system, Multilateralism, Federal Reserve, Substitution account, IMF

Abstract

This essay re-examines the story of the 1978 proposal for a substitution account, an instrument to solve the dollar overhang and enhance the role of Special Drawing Rights introduced by the International Monetary Fund. Beyond its value as a failed attempt to reform the international monetary system, the demise of this initiative highlights the US difficulties in cooling the “casino capitalism” of the late 1970s: from the shortcomings of the multilateralism of the Carter Administration, to the objective of preserving the dollar privilege, to the struggle of conjugating the agency of multiple governmental institutions.

Preserving the Dollar for the Casino

Rejecting the Substitution Account

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Preserving the Dollar for the Casino

Rejecting the Substitution Account

Authors

DOI:

Keywords:

Abstract

Downloads

Published

How to Cite

Issue

Section

License

Make a Submission

Information

social

Keywords

Current Issue