The International Monetary and Financial System

Gourinchas, P-O, Rey, H and Sauzet, M (2019) The International Monetary and Financial System. Annual Review of Economics, 11. pp. 859-893. ISSN 1941-1383

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.

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Item Type: Article
Subject Areas: Economics
Additional Information:

© 2019 Annual Reviews

Subjects: C > Currency markets
E > Exchange rates
Date Deposited: 16 Dec 2019 20:18
Last Modified: 02 Jan 2020 11:43
URI: http://lbsresearch.london.edu/id/eprint/1309
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