[eng] The Rise and Fall of Sovereign Wealth Accumulation : Causes and Consequences . This paper examines the sources of the rapid build-up in official foreign assets of recent years. Foreign exchange intervention and burgeoning petrodollar receipts -the two main sources of financing for recent...

[eng] This paper examines the sources of the rapid build-up in official foreign assets of recent years. Foreign exchange intervention and burgeoning petrodollar receipts - the two main sources of financing for recent official outflows - have very different implications for domestic monetary...

Sustained large U.S. current account deficits have led some economists and policymakers to worry that future current account adjustment could occur through a sudden and disruptive depreciation of the dollar and a sharp drop in U.S. consumption. Two factors that, to date, have cast doubt on such...

The U.S. dollar holds a dominant place in the invoicing of international trade. In addition to a direct role for most U.S. exports and imports, it plays a global role for trade flows outside the United States. Using a simple center-periphery model, we show that this global role magnifies the...