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://www.econbiz.de, 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://www.econbiz.de, 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

Exchange rate regime flexibility and firms' employment

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

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015579757

International currency dominance

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

Persistent link: https://www.econbiz.de, 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://www.econbiz.de, 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

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

Kawasaki, Kentaro; Shimizu, Junko - 2026

Persistent link: https://www.econbiz.de, 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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015626439

Global financial cycle, media coverage and currencies of emerging markets

Beckmann, Joscha; Agyapong, Joseph - 2026

Persistent link: https://www.econbiz.de, 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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015637534

Exchange rate insulation revisited

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

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015640592

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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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015641833

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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://www.econbiz.de, 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://www.econbiz.de, 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://www.econbiz.de, 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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015668251

The Trafalgar squeeze of global liquidity

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

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015668263

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

Moec, Gilles - 2026

Persistent link: https://www.econbiz.de, 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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015667777

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

Kim, Hyo Sang - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015671884

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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015547347

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://www.econbiz.de, 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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015373779

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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015375710

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://www.econbiz.de, 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://www.econbiz.de, 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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015333027

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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015195245

International financial system versus economic stability

Komorowski, Jan; Komorowski, Piotr - 2025

Persistent link: https://www.econbiz.de, 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://www.econbiz.de, 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://www.econbiz.de, 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://www.econbiz.de, 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://www.econbiz.de, 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://www.econbiz.de, 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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015452013

Trade policy, exchange rates, and the globalization surge of the 1990s

Irwin, Douglas A. - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015453443

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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015410552

WAEMU at a crossroads? : a contribution to the debate on the perspective of its monetary and exchange rate system

Cabrillac, Bruno; Guillaumont, Patrick; Guillaumont … - 2025

The monetary and exchange rate system of the West African Economic and Monetary Union (WAEMU) is characterised by a single currency, the West African CFA franc (XOF). Its anchor is a fixed exchange rate against the euro. France provides an unlimited and unconditional guarantee for this exchange...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015413850

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

Tebrake, Jim; Sánchez-Muñoz, Carlos - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015431736

Did the classical gold standard promote inflation convergence?

Miles, William - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015432048

The alignment of monetary policy in foreign countries with the Federal Reserve Bank's monetary policy : evidence from fixed and floating exchange rate regimes

AL-Hindawi, Hatem; Bashayreh, Alaʹ; Abdelhadi, Samer - 2025

The study participates in adding a new term to the monetary policy literature which is the alignment of monetary policies between foreign countries and the Federal Reserve Bank's policy. This study aims to examine the effect of the of the monetary policy alignment in foreign countries with the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015438508

Lebanon's eventual transition to a floating exchange rate system : balancing flexibility with stability

Sassine, Roudy - 2025

Lebanon's longstanding fixed exchange rate regime collapsed in the wake of the country's 2019 financial crisis. This paper examines the underlying causes of the collapse, offering a new policy framework based on a floating exchange rate system and detailing its superior qualities. However, the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015462462

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

Cho, Sang-wook; Wong, Sally - 2025

Persistent link: https://www.econbiz.de, 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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015430879

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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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015608316

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

Bitsen, Aisenour - 2025

Persistent link: https://www.econbiz.de, 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://www.econbiz.de, 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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015610130

Geopolitical risk and exchange rate dynamics in Sub-Saharan Africa's emerging economies

Yeboah, Samuel Duku; Agyei, Samuel Kwaku; Korsah, David; … - 2025

Geopolitical risk (GPR) and exchange rate dynamics have been examined in this research, utilizing QQR and Wavelet Coherence techniques in the emerging economies of SSA. The study examined how GPR affects exchange rates under varied, bearish, stable conditions in several emerging economies in...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015614111

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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015551308

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

Spielberger, Lukas - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015551492