Special drawing rights: Role of SDRs

From their onset, SDRs could be held only by governments, central banks, and official bodies such as the IMF.

Special drawing rights

Special drawing rights (SDRs) are an internationally recognized unit of account and reserve assets issued by the International Monetary Fund (IMF). . .

Special and differential treatment

Special and differential treatment (SDT) refers to provisions in World Trade Organization (WTO). . .

Social policy in open economies: Evidence: Harmonization or Sustained Divergence

Clearly, theoretical reasoning suggests that globalization and openness along with other forces can foster harmonization in any direction: downward to the lowest common denominator. . .

Social policy in open economies: Forces for Sustained Divergence

Various forces are also at work to sustain a divergence in social policies. Lower-income countries, for example, may be caught in a ‘‘low equilibrium’’ trap rather than converging upward.

Social policy in open economies: Forces for Upward Harmonization

Although various forces foster downward harmonization, other forces, often associated with globalization and open economies, foster upward policy harmonization.

Social policy in open economies: Forces for Downward Harmonization to Occur

For such harmonization to occur and for it be to the lowest common denominator (i.e., to the jurisdiction with the least costly regulations and social policies). . .

Social policy in open economies: Forces Inhibiting Governments from Supplying Social Policies

Many of the same forces that are increasing the demand for social policies are also reducing the ability of governments to finance social policies.

Social policy in open economies: Forces Increasing the Demand for Social Policy Initiatives

The demand for social policy initiatives is increasing in part because of the interaction of three sets of interrelated forces. . .

social policy in open economies

Globalization and other forces are creating increased demand for social policies at the same time as they are restricting the ability of governments to supply such policies.

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