摘要：The work deals with the proposal of a substitution account, a facility in which member countries of the IMF could deposit foreign currency reserves in exchange for claims denominated in Special Drawings Rights. In the first part, the author makes a brief excursion into history to look at the origins of this proposal. In the second part, simulations are presented which deal with a subset of problems and show how various interest-rate arrangements, interacting with exchange-rate behaviour, would have affected the financial balance of an account created in 1964. In the final section, the author comments briefly on some plans that have been put forth recently and offers some suggestions.
