China vs. U.S.: IMS Meets IPS

Emmanuel Farhi and Matteo Maggiori

No 25469, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Currently both the International Monetary System (IMS) and the International Price Systems (IPS) are dominated by the U.S. The emergence of China, both as reserve currency and as a currency of invoicing, is likely to disrupt this status quo. We provide a framework to understand the forces that will shape this transition and identify sources of instability. We highlight the risk of an abrupt shift triggered by a run on the dollar.

JEL-codes: D42 E12 E42 E44 F3 F55 G15 G28 (search for similar items in EconPapers)
Date: 2019-01
New Economics Papers: this item is included in nep-cna, nep-mac and nep-mon
Note: AP EFG IFM ITI ME
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Working Paper: China vs. U.S.: IMS Meets IPS (2019)
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