Search Results - subject_exact:"International monetary system"

Abadi, Joseph; Fernández-Villaverde, Jesús; Sanches, … - 2026

We present a micro-founded monetary model of the world economy to study international currency competition. Our model features "unipolar" equilibria, with a single dominant international currency, and "multipolar" equilibria, in which multiple currencies circulate internationally. Long-run...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015590749

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International currency dominance

Abadi, Joseph; Fernández-Villaverde, Jesús; Sanches, … - 2026

Book / Working Paper

International Currency Dominance

Abadi, Joseph; Fernández-Villaverde, Jesús; Sanches, … - 2026

Book / Working Paper

International currency dominance

Abadi, Joseph; Fernández-Villaverde, Jesús; Sanches, … - 2025

Book / Working Paper

International currency dominance

Fernández-Villaverde, Jesús; Sanches, Daniel; Abadi, … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015604348

The Trafalgar squeeze of global liquidity

Bignon, Vincent; Mojon, Benoît; Ortiz Serrano, Miguel - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668263

Capital flows, exchange rates and financial conditions in EMEs in an evolving international monetary system : papers in this volume were prepared for a meeting of emerging market economy Deputy Governors organised by the Bank for International Settlements on 12-13 March 2026

2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015667777

Peripheral economies and the dollar hegemony : quest for the alternatives

Jha, Sudipta - 2026

Rapid industrialisation in peripheral economies is widely seen as essential for development, but there is little agreement on how it should be achieved. This article places current debates on industrialisation within the structural limits created by dollar hegemony in the global monetary system....

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016093022

Monetary expansionism, global commodity prices, and global inequality

Kim, Jongchul - 2025

An early analysis of the imperialist implications of the surge of global commodity prices was conducted in 2014 by Jonathan Nitzan and Shimshon Bichler. However, their analysis did not consider how the US monetary and fiscal expansionist policies have contributed to the rise of global commodity...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015393665

The US dollar and decarbonization : exploring constraints

Driscoll, Daniel - 2025

This research essay explores how US dollar centrality and strength may impede decarbonization. First, I suggest that because US dollar centrality enables higher US household consumption and imports, and US household consumption is comparatively carbon-intensive, centrality can increase per...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015608316

Geoeconomic fragmentation, globalization, and multilateralism

Norring, Anni - 2024

The world is witnessing growing turbulence stemming from geopolitics and a tangible threat of economic disintegration. There are some indications of globalization in retreat, international trade growth slowing down and a transition from optimizing efficiency of global value chains towards...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014496726

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Geoeconomic fragmentation, globalization, and multilateralism

Norring, Anni - 2024

Book / Working Paper

Central banks and the absorption of international shocks (1891-2019)

Bazot, Guillaume; Monnet, Eric; Morys, Matthias - 2024

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015142140

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Central banks and the absorption of international shocks (1891-2019)

Bazot, Guillaume; Monnet, Eric; Morys, Matthias - 2024

Book / Working Paper

Monetary power and vulnerability to sovereign debt crises : rethinking the global financial architecture

Lima, Karina Patrício Ferreira - 2024

This paper challenges the prevailing view in the sovereign debt literature by arguing that sovereign debt markets, in many respects, behave similarly to other credit markets. These markets are hierarchical rather than flat, inherently hybrid in nature, blending elements of public order and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015152671

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Monetary power and vulnerability to sovereign debt crises: Rethinking the global financial architecture

Lima, Karina Patrício Ferreira - 2024

Book / Working Paper

The connections among the US, China and Russia through safe assets

Wang, Rongyu - 2024

This paper addresses the following problem: how debt chains sewed through government bonds are operated under either full commitment or limited commitment of the valuation of the debt by bond issuing countries. This paper takes the debt relationship of the US, China and Russia as an example to...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015182068

Exorbitant privilege : a safe-asset view

Jiang, Zhengyang - 2024

I propose a model of the reserve currency paradigm that centers on liquidity demand for safe assets. In global recessions, the demand for U.S. safe assets increases and raises their convenience yields, giving rise to stronger dollar and countercyclical seigniorage revenues. The seigniorage...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015048365

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Exorbitant Privilege: A Safe-Asset View

Jiang, Zhengyang - 2024

Book / Working Paper

How the bank for international settlements is redesigning the world economy

Kalash, S. Yash - 2026

For most of its history, the Bank for International Settlements (BIS) has occupied a discreet but powerful position within the global financial architecture as the "central bank of central banks." In the twenty-first century, however, the BIS has quietly assumed a new and far more ambitious...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015615801

Unbalanced financial globalization

Capelle, Damien; Pellegrino, Bruno - 2026 - Original version: August 2023, this version: January 2026

We use a dynamic spatial general equilibrium model of international investment and production to investigate the real implications of the last five decades of financial globalization. We introduce a wedge accounting framework to estimate country- and time-varying measures of outward and inward...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015605201

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Unbalanced financial globalization

Capelle, Damien; Pellegrino, Bruno - 2025 - This version: August 2025

Edition: This version: August 2025

Book / Working Paper

Unbalanced financial globalization

Capelle, Damien; Pellegrino, Bruno - 2023

Book / Working Paper

Unbalanced financial globalization

Capelle, Damien; Pellegrino, Bruno - 2025 - This version: June 2025

Edition: This version: June 2025

Book / Working Paper

Monetary anchors in a digital age : a historical perspective on the ECB's digital euro and US stablecoins

Greitens, Jan - 2026

This paper contributes to current debates surrounding the digital euro and US stablecoins by unpacking the present day relevance of two important episodes in monetary history: Prussia's effort in the 18th century to implement a uniform coinage standard across the Holy Roman Empire, and the 19th...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015626439

Stablecoins and the monetary and financial system

Krogstrup, Governor Signe - 2026

The future role of stablecoins in the global monetary and payments system remains uncertain. Stablecoins may evolve into a more significant component of financial infrastructure, or they may remain a relatively specialised instrument within specific aspects of the digital asset ecosystem. At...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015637534

Outlook and challenges for local currency transactions : an analysis of the trend toward dedollarization, centered on Asia

Tomizawa, Katsuyuki; Shimizu, Junko - 2026

Since the late 2010s, rising geopolitical tensions-particularly between the United States and the People's Republic of China (PRC)-have begun to affect currency choices in trade and investment across Asia. Although the US dollar remains the dominant international currency, emerging economies are...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015669071

The impact of stablecoins on the international monetary and financial system

Aldasoro, Iñaki; Frost, Jon; Itō, Hiro - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015667775

The need for a neutral exchange : a unique opportunity for switzerland in the emerging world order

Nathanial, Peter; Van der Heyden, Ludo - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015667003

Shifting forces behind RMB internationalization : evidence from the 2025 Triennial Survey

Robbert, Juliana; Sushko, Vladyslav; Westermann, Frank - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668251

From Dollar privilege to America's capital pull : the new global imbalance

Kim, Hyo Sang - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015671884

Openness, integration, and the international monetary order

Hassan, Tarek A.; Mertens, Thomas; Wang, Jingye; Zhang, Tony - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016083228

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Openness, Integration, and the International Monetary Order

Hassan, Tarek A.; Mertens, Thomas; Wang, Jingye; Zhang, Tony - 2026

Book / Working Paper

Openness, integration, and the international monetary order

Hassan, Tarek A.; Mertens, Thomas; Wang, Jingye; Zhang, Tony - 2026

Book / Working Paper

Renminbi invoicing under dollar dominance : evidence on inertia, institutions, and policy

Shimizu, Junko; Tomizawa, Katsuyuki - 2026

This paper examines the conditions under which renminbi invoicing has expanded despite the continued dominance of the United States (US) dollar in international trade. Using IMF trade invoicing data for 70 economies from 2016 to 2023, as reported by Boz et al. (2025), we show that RMB invoicing...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016070479

Where it all begins: eurodollars and international monetary policy transmission under Bretton Woods

Bazot, Guillaume; Monnet, Eric; Morys, Matthias - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016090769

Global imbalances then and now : lessons from the Plaza Accord

Hoshi, Takeo - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015669304

Stablecoins and global imbalances : attempting to preserve the US exorbitant privilege

Moec, Gilles - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015669225

Energy shock and inflation : re-examining the relevance of the Russian-Ukrainian conflict

Garbellini, Nadia; Lampa, Roberto - 2023

This special issue of PSL Quarterly Review discusses the economic consequences of the Russian-Ukranian one year and a half after its outbreak. Firstly, Joseph Halevi re-assesses the conclusions drawn in the special issue published by Moneta e Credito in June 2022. Secondly, Araujo et al. point...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014550851

Crypto assets and central bank digital currencies : potential implications for developing countries

2023

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014375315

The Genova Conference of 1922: a reassessment after 100 years

Pittaluga, Giovanni Battista - 2023

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015427618

The Impact of Central Bank Digital Currencies (CBDCs) on Global Financial Systems in the G20 Country GVAR Approach

Gafsi, Nesrine - 2025

This paper considers the impact of Central Bank Digital Currencies (CBDCs) on the world’s financial systems with a special emphasis on G20 economies. Using quarterly macro-financial data for the period of 2000 to 2024, collected from the IMF, BIS, World Bank, and Atlantic Council, a Global...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015547347

The perils of technocratic power : central bank discretion and the end of bretton woods revisited

Sahasrabuddhe, Aditi; Seddon, Jack - 2025

Recent crises have cast doubt on the legitimacy of technocratic power, yet its role in global economic governance remains poorly understood. Revisiting the collapse of Bretton Woods, we propose a dynamic theory of global monetary governance to explain how expanding central bank discretion can...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015373779

The role of reputational incentives in an international currency union : Greek monetary institutions in the classical and Hellenistic periods

Mullins, Zane Allen - 2025

In the Hellenistic era, there was widespread convergence to the Attic standard and a similar narrowing of coin types in terms of aesthetics. The competition between issuers resulted in an equilibrium in which improvements to the consistency and quality of money were sought after. This...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015376344

The ecological currency hierarchy : empirical support for currency power driven asymmetries in environmental and social autonomy

Salah, Matthew; Ament, Joe - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015332103

The international financial architecture and sustainable prosperity

Gallagher, Kevin - 2025

The international financial architecture is misaligned with the goals set out in the UN Sustainable Development Goals and the Paris climate agreement. External financing flows to emerging-market and developing countries (excluding China) need be increasing by at least US$1 trillion annually from...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015333027

International financial system versus economic stability

Komorowski, Jan; Komorowski, Piotr - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015325387

Assessing the readiness of the Chiang Mai Initiative Multilateralization : can it effectively address future crises?

Suk, Hyun; Kim, Seong-Hoon - 2025

This study evaluates the effectiveness of the Chiang Mai Initiative Multilateralization (CMIM) in safeguarding financial stability among members of the Association of Southeast Asian Nations (ASEAN) plus Japan, the People's Republic of China, and the Republic of Korea-particularly in response to...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015464794

Towards a multipolar system : strengthening the euro as a major international currency

2025

The dollar is likely to lose its dominant position as a world currency. The world will evolve towards a multipolar currency system which includes the euro as one of the significant international currencies. To achieve this status the Capital Markets Union (CMU) should be strengthened. In...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015465438

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Towards a multipolar system : strengthening the euro as a major international currency

2025

Book / Working Paper

Emergence of the BRICS bloc as a new power group : developments and contradictions

Abraham, Biju Paul; Pal, Parthapratim; Ray, Partha - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015470932

Stablecoins and the future of money : economic principles and policy implications

Bofinger, Peter - 2025

The paper discusses the functions and the potential of stablecoins as an innovative payment system: Stablecoins constitute a new payment object which can be used for a direct exchange on the infrastructures provided by blockchains and crypto exchanges. For the discussion of stablecoins It is...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015450583

The Managing Director's Global Policy Agenda, Spring Meetings 2025 : Medium-Term Direction for the IMF: Anchoring Stability and Promoting Balanced Growth

2025

The IMF was created 80 years ago to promote macroeconomic and financial stability, facilitate a balanced expansion of international trade, and ensure a smooth functioning of the world economy. Even as the world has evolved profoundly, the institution's mission is as relevant today as it was...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015452013

When the facts change : the future of the global monetary system

Eichengreen, Barry - 2025

This paper considers possible futures for the international monetary system in light of recent economic and political events in the United States and globally. It contrasts scenarios pre- and post-inauguration of the second Trump administration. Earlier scenarios foresaw very gradual rebalancing...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015410552

The IMF as the standard setter of balance of payments statistics : from BPM1 to BPM7

Tebrake, Jim; Sánchez-Muñoz, Carlos - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015431736

Monetary regimes and regional economies : a counterfactual perspective from two euro opt-outs

Cho, Sang-wook; Wong, Sally - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015444017

The international role of the euro : June 2025

2025

This 24th annual review of the international role of the euro presents an overview of developments in the use of the euro by non-euro area residents in 2024. This was a year that saw continuing geopolitical tensions, decreases in policy interest rates and further declines in inflation in the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015430879

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The international role of the euro : June 2025

2025

Book / Working Paper

Engineering of global monetary orders : gold's role within the Bretton Woods system

Bitsen, Aisenour - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015609520

State-led digitalization of currencies and payments as a vector for global and domestic de-dollarization?

Conti, Bruno de; Ponsot, Jean-François - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015610107

Building bridges or competing in a payments arms race? : the geopolitics of the mBridge project

Bouguelli, Rudy; Conti, Bruno de - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015610130

Moment of the euro? : perceptions of US dollar decline

Hegemann, Hendrik; Wieland, Volker - 2025

This study reviews new perceptions of an imminent decline of the international role of the US dollar and implications for the euro. It considers developments in international reserves, invoicing, debt and payment systems. Strengths and weaknesses of the US and euro area economies are discussed...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015551308

New roles in central bank cooperation : towards a global liquidity backstop

Spielberger, Lukas - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015551492

From the dollar standard regimeof the Plaza Accord to a crypto standard regime

Savona, Paola - 2025

Starting from the Plaza Agreement, which in 1985 proposed to regulate the functioning of the dollar standard, the international monetary system has experienced a series of evolutions following the collapse of the USSR, the development of globalization, culminating in the birth of the WTO and the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015553734