Payment systems around the world are evolving with the emergence of digital money issued
by private firms and central banks. We provide a conceptual framework to compare and …

International currencies fulfill different roles in the world economy, with important synergies
across those roles. We explore the implications of currency hegemony for the external …

We document a decline in the dollar share of international reserves since 1999. This decline
reflects active portfolio diversification by central bank reserve managers, rather than …

摘要中国经济的迅速发展唤起了人们对世界经济前景的重新思索, 而人民币作为国际化货币崛起
的可能性则是这其中最引人注目的话题之一. 本文通过对各国央行国际储备, 贸易结算 …

This lecture argues that the Global Financial Cycle is a challenge for the validity of the
Mundellian trilemma. I present evidence that US monetary policy shocks are transmitted …

[内容提要] 人民币的国际使用, 在职能范围, 规模和地域方面都具有很大的局限性,
人民币目前看还远非真正意义上的国际货币. 人民币国际化意味着债券和股票等直接融资市场中 …

For more than half a century, the US dollar has been not just America's currency but the
world's. It is used globally by importers, exporters, investors, governments and central banks …

" First published more than a decade ago, Globalizing Capital has remained an
indispensable part of economic literature. This classic book emphasizes the importance of …

This is the must-have introduction to the European Union. Offering a primer on the EU's
history, institutions, and politics, this concise textbook also covers the various challenges …

This paper takes a fresh look at the historical evolution of the United States external position
over the postwar period by carefully constructing the US gross asset and liability positions …