The international monetary and financial system
Journal
Annual Review of Economics
Subject
Economics
Publishing details
Annual Review of Economics 2019 Vol 11 p 859-893
Authors / Editors
Gourinchas P-O; Rey H; Sauzet M
Biographies
Publication Year
2019
Abstract
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 balance sheet of the United States, the process of international adjustment, and the predictability of the US dollar exchange rate. We emphasize the importance of international monetary spillovers and of the exorbitant privilege, and we analyze the emergence of a new Triffin dilemma.
Keywords
Exorbitant privilege; International currency; Triffin dilemma; World banker; External adjustment; International monetary system; Exchange rates
Available on ECCH
No