The euro is the second most important global currency after the US dollar. However, its international role has not increased since its inception in 1999. The private sector prefers using the US dollar rather than the euro because the financial market for US dollar-denominated assets is larger...

China and the international monetary system need each other. The international monetary system is strained, with crisis just around the corner, yet reform is not on anyone's agenda. Meanwhile China, deeply invested in the current system, faces narrowing options as trading partners question its...

The scholarly debate on currency internationalization focuses on country characteristics and policies as the main determinants in currency competition. However, this literature has neglected the fact that, given the intertwined nature of the international monetary system, other countries'...

The scholarly debate on currency internationalization focuses on country characteristics and policies as the main determinants in currency competition. However, this literature has neglected the fact that, given the intertwined nature of the international monetary system, other countries'...

How does international monetary leadership end? This paper examines the decline of the Sterling Area between 1945 and 1979 to understand the process of international economic disintegration. Using an original cross-national panel dataset, we conduct survival analysis which systematically...

Frequently noted inadequately explored connections between currency internationalization and expected change in the polarity of the international monetary system in the international relations literature are commanding the renewed attention and vigorous debate for more international monetary...

This article focuses on the transition of the international monetary system to a multipolar structure. The international monetary system continuously evolves, reflecting developments in the world economy. The main problem of the current international monetary system is its dependence on one key...

This paper examines the relationship between currency internationalisation and economic structure. It argues that the hierarchical and asymmetric architecture of the international monetary system imposes a "survival constraint" upon non-centre countries that obliges them to generate net inflows...

El dólar continúa desempeñando un papel central en el comercio y los mercados financieros internacionales. La dependencia de los mercados mayoristas de corto plazo (repos, papel comercial, certificados de depósito, swaps) para obtener financiación en dólares hace especialmente vulnerables...

El dólar continúa desempeñando un papel central en el comercio y los mercados financieros internacionales. La dependencia de los mercados mayoristas de corto plazo (repos, papel comercial, certificados de depósito, swaps) para obtener financiación en dólares hace especialmente vulnerables...

We examine the open-economy implications of the introduction of a central bank digital currency (CBDC). We add a CBDC to the menu of monetary assets available in a standard two-country DSGE model with financial frictions and consider a broad set of alternative technical features in CBDC design....

This paper provides new evidence on the decline of sterling as an international currency, focusing on its role as foreign exchange reserve asset under the Bretton Woods era. Using a unique new dataset on the composition of foreign exchange reserves of central banks, I show that the shift away...

Since 2009, the Chinese government has committed itself to encourage Renminbi (RMB) internationalization. China has introduced various direct steps supporting the RMB internationalization, including the open capital market in Hugangtong, the growth of the offshore RMB, the launch of the...

World Bank Group President David Malpass spoke of the steps the Group is taking to provide unprecedented financing to help countries respond to the crisis. He expects to have COVID-19 (Coronavirus) related projects in one hundred countries. He thanked the shareholders for the capital and funding...

This study examines the feasibility of international monetary policy coordination among the ASEAN-5 + 3 countries using the two-production-factor dynamic stochastic general equilibrium (DGSE) model. It explores three types of interaction regimes among these countries: "no coordination,"...

Since the late 1990s, the United States has received large capital flows from developing countries and experienced a productivity growth slowdown. Motivated by these facts, we provide a model connecting international financial integration and global productivity growth. The key feature is that...

During recent years, central banks have increased the levels of their international reserves at an unprecedented pace. In this paper, we introduce new country-specific reserve data and examine determinants of the composition of international reserves. Using a dataset of 36 countries (and the...

This paper provides new evidence on the decline of sterling as an international currency, focusing on its role as foreign exchange reserve asset under the Bretton Woods era. Using a unique new dataset on the composition of foreign exchange reserves of central banks, I show that the shift away...

We examine the open-economy implications of the introduction of a central bank digital currency (CBDC). We add a CBDC to the menu of monetary assets available in a standard two-country DSGE model with financial frictions and consider a broad set of alternative technical features in CBDC design....

This paper puts forward a proposal to help monetary policies confront the challenge of the “normalisation” of money creation and interest rates. The difficult unwinding of years of unorthodox policies put financial stability at risk in major monetary centres and in EMEs. The authors argue...

While the consequences and effectiveness of IMF conditionality have long been the focus of research, the possible negative impact of IMF conditionality on countries' willingness to ask for an IMF programme - often termed "IMF stigma" - has recently received attention particularly from policy...