This paper assesses whether the international monetary system is already tri-polar and centred around the US dollar …

While the global financial crisis was centered in the United States, it led to a surprising appreciation in the dollar …, suggesting global dollar illiquidity. In response, the Federal Reserve partnered with other central banks to inject dollars into …. Theory consistent with dollar appreciation in the crisis suggests that their impact should be greater for countries that have …

When Argentine sovereign default in December 2001 led to a collapse of the peso, the burden of dollar debt became … dollar. In this paper a bargaining approach is used to explain both the settlement and the delay. We conclude that the agreed …

world (Fed) interest rate. This new regime, with exchange rate flexibility, generates sufficient short term volatility that …