Search Results - subject_exact:"Wechselkurssystem"

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

Exchange rate regime flexibility and firms' employment

Contessi, Silvio; Du, Qingyuan; Gao, Deting; Pan, Lei; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015579757

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

Reconsidering the AMU - What is the optimal basket currency for Asia?

Kawasaki, Kentaro; Shimizu, Junko - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015606293

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

Global financial cycle, media coverage and currencies of emerging markets

Beckmann, Joscha; Agyapong, Joseph - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015627112

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

Exchange rate insulation revisited

Corsetti, Giancarlo; Küster, Keith; Müller, Gernot J.; … - 2026

We confront the notion that flexible exchange rates insulate countries from external disturbances with new evidence for the euro area (EA) and 20 of its neighbors. Using high-frequency data, we first establish that countries with flexible exchange rates ("floats") let their currencies depreciate...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015641819

Show 2 more versions 2

Exchange rate insulation revisited

Corsetti, Giancarlo; Küster, Keith; Müller, Gernot J.; … - 2026

Book / Working Paper

Exchange rate insulation revisited

Corsetti, Giancarlo; Küster, Keith; Müller, Gernot J.; … - 2026

Book / Working Paper

When to align and when to contract : technology shocks, optimal policies, and exchange rate regimes

Kim, Hyeongwoo; Zhang, Shuwei - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015641833

Show one more version 1

When to align and when to contract : technology shocks, optimal policies, and exchange rate regimes

Kim, Hyeongwoo; Zhang, Shuwei - 2025

Book / Working Paper

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

Exchange-rate regimes and the behaviour of exporters

Petracchi, Cosimo; Riva, Luca; Petterson, Marco S. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016060001

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

Champions of free trade : the Peruvian proposal for a conference on commercial policy at Bretton Woods

Castillo García, César - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015616762

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

Five debates at the creation of the international monetary fund

Ghosh, Atish R. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015616763

Cyclicality of international reserves, exchange rate flexibility, and output volatility

Fujii, Eiji; Qian, Xingwang - 2025

This paper investigates the cyclicality of international reserves and their role in macroeconomic stabilization. We challenge two widely held assumptions: (1) central banks typically manage IR counter-cyclically—accumulating reserves during booms and drawing them down during downturns; and (2)...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015371901

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

Four roads not taken at Bretton Woods : international financial proposals ahead of their time

Helleiner, Eric - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015616764

Monetary regimes with two nominal anchors : are they possible?

Fabris, Nikola - 2025

The traditional approach to monetary policy, which relied on one instrument to achieve a single goal, has proven ineffective during recent periods of global instability. In response to the challenges that this traditional framework could not address, non-standard monetary policy instruments have...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015375710

A failed attempt toward a multilayered safety net : the Asian monetary fund

Masini, Fabio - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015616770

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

A feminist opening? : gender mainstreaming at the International Monetary Fund and the World Bank

Metinsoy, Saliha - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015616772

The governance of the Bretton Woods institutions : ambitious but failed goals?

Cafaro, Susanna - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015616953

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

Currency hierarchy and financial globalization : implications for peripheral economies

Paula, Luiz Fernando de; Fritz, Barbara; Prates, … - 2026

"This insightful book investigates how financial globalization shapes the hierarchical order of currencies in the international monetary system, evaluating the implications for peripheral countries. Authors Luiz Fernando de Paula, Barbara Fritz and Daniela Magalhães Prates explore currency...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015611229

Resilience to terms of trade shocks in Sub-Saharan Africa : the role of fiscal policy and exchange rate regime

Yaya, Aminou - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015195245

Overdue reform of the international monetary system

Camdessus, Michel; Singh, Anoop; Snoy et d'Oppuers, Bernard - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643195

International financial system versus economic stability

Komorowski, Jan; Komorowski, Piotr - 2025

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

The governance of the Bretton Woods institutions : time for a change?

Cafaro, Susanna - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643216

The international role of the euro and the evolution of the global monetary system

Guerrieri, Paolo; Padoan, Pier Carlo - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643293

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

Trump's dollar policy and the worsening of global liquidity instability : a proposal for a regional coalition's response paving the way to rebuilding the international monetary system

Ghymers, Christian - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643348

The tokenization of money : possible impacts on the international monetary system

Tran, Hung Q. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643356

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

The international monetary system and the developing world

Ocampo, José Antonio - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643367

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

Challenges for reforming the international monetary system

Báger, Gusztáv - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643386

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