The International Monetary and Financial System
Pierre-Olivier Gourinchas (),
Hélène Rey and
No 13714, CEPR Discussion Papers from C.E.P.R. Discussion Papers
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, of the exorbitant privilege, and analyse the emergence of a new `Triffin dilemma'.
Keywords: Exchange Rates; External assets and liabilities; Global financial cycle; International adjustment; International Currencies; Triffin dilemma (search for similar items in EconPapers)
JEL-codes: E0 F3 F4 G1 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ifn, nep-mac and nep-mon
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Working Paper: The International Monetary and Financial System (2019)
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