This paper argues that special drawing rights (SDRs) should become a more relevant instrument of international monetary cooperation. This requires transforming them into a pure reserve asset and the International Monetary Fund into a fully SDR-funded institution. This approach would correct basic deficiencies of the current global monetary system. By José Antonio Ocampo, senior nonresident fellow for the Latin America Initiative, and Bilge Erten, postdoctoral fellow for the Committee on Global Thought at Columbia University. United Nations Department of Economic and Social Affairs Working Paper 118, August 2012.