Year: 2026
Type: article
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.
Author: Miriam Bettamin
Institution: University of Turin
Language: English
Subfield: Finance
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W7143670102
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