The US dollar's dominance in international trade and finance is facing threats from increasingly fractured global economic and financial systems. The foundation of the US dollar, built on the American economy's strength in world trade, the liquidity of its financial markets and accessibility of...

The volatile value of digital assets, especially crypto-assets, makes them risky options for investors. This inherent risk limits both their market size and the purposes for which they are used, thus reducing the possibility of systemic risk arising. But digital assets and the mainstream...

Collateral markets have become increasingly important as demand for collateral assets has increased in recent years, driven by changing market practices and an evolving regulatory landscape. This report explores whether and how the design of central banks' operational frameworks influences...

This paper describes the anatomy of two types of balance-sheet macroeconomic crises. Conventional balance-sheet crises are triggered by external imbalances and balance sheet vulnerabilities. They typically occur after capital inflows have led to a substantial build up of foreign currency...

This paper describes the anatomy of two types of balance-sheet macroeconomic crises. Conventional balance-sheet crises are triggered by external imbalances and balance sheet vulnerabilities. They typically occur after capital inflows have led to a substantial build up of foreign currency...