Search Results - subject_exact:"Internationale Währungspolitik"

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

International currency dominance

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

Show 3 more versions 3

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

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

Show 3 more versions 3

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

The Trafalgar squeeze of global liquidity

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

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

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

Moec, Gilles - 2026

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

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

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

Show 2 more versions 2

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

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

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

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

Show one more version 1

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

Show one more version 1

The international role of the euro : June 2025

2025

Book / Working Paper

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

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

Greening the International Monetary Fund

Kentikelenis, Alexandros; Stubbs, Thomas - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015555542

The impact of stablecoins on global finance

Bele, Julija Lapuh; Bele, Tanja - 2025

Stablecoins represent a rapidly growing segment of the cryptocurrency market, aiming to overcome the high volatility of cryptocurrencies. Their primary goal is maintaining a stable value, usually pegged to fiat currencies (e.g., the US dollar), which facilitates their use in international...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015556277

Globalisation, fragmentation, and the international monetary system

Eichengreen, Barry - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015628178

Digital money : fragmentation of the monetary regime

Conti, Bruno de; Guttmann, Robert - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015651341

John Taylor's contributions to economics

Bordo, Michael D.; Cochrane, John H.; Hartley, Jonathan S. - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015482601

The U.S. dollar dominance : origins, status quo, and implications for Europe

Proano, Christian; Hümmrich, Martin - 2025

The dominance of the U.S. dollar in the global financial system remains the key pillar of international trade and monetary stability but faces growing challenges in a rapidly changing world. Historically rooted in the Bretton Woods system and the establishment of the petrodollar system, the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015395726

Financial sanctions and the US-dollar

Hefeker, Carsten - 2025

The paper discusses whether US dollar based financial sanctions will undermine the dollar's dominant international role. Despite long-standing attempts to reduce the role of the dollar, these have had limited success so far. I discuss why this is the case and why alternatives to the dollar are...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015395727

Hegemony or harmony? : a unified framework for the international monetary system

Liu, Tao; Lu, Dong; Wang, Liang - 2025 - This version: September 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015558740

Show one more version 1

Hegemony or harmony? : a unified framework for the international monetary system

Liu, Tao; Lu, Dong; Wang, Liang - 2023

Book / Working Paper

How did the IMF evolve into a policy advisor? : shaping the conditional lending practice

Nishikawa, Teru - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015515172

How fixed are global exchange rates?

O'Rourke, Kevin Hjortshøj; Vicquéry, Roger H. - 2025

We present a new global index indicating how fixed the world's exchange rates are. Our index measures the probability of two units of GDP, randomly selected anywhere in the world, of being involved in a fixed exchange rate arrangement. This approach is invariant to alternative classifications of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015403701

Show one more version 1

How fixed are global exchange rates?

O'Rourke, Kevin Hjortshøj; Vicquéry, Roger H. - 2025

Book / Working Paper

Gatekeepers of the market? : IMF surveillance and sovereign access to global finance

Aguilar Perez, Pablo - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015435923