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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


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