国际货币基金组织：升级全球金融安全网：综合储备存款的影响（英文版）

Sovereigns self-insure via reserve accumulation, prioritizing liquidity over yield. This practice imposes opportunity costs and can amplify the convenience premium on traditional reserve assets. This paper evaluates Synthetic Reserve Deposits (SRDs), a pooling mechanism designed to improve the return-liquidity trade-off. Participants would hold floating-value claims on a vehicle comprising a settlement buffer, an investment portfolio, and, in some designs, an optional collateralized liquidity