The International Supply of Reserve Currency

Pierpaolo Benigno

No 18686, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: This paper provides insights into the historical inefficiencies and instabilities of the international monetary system. These inefficiencies are primarily linked to the limited supply of international liquidity and wedges in various money-market rates. The instabilities encompass both macroeconomic and financial aspects, particularly focusing on the challenges of stabilizing inflation and economic activity. Innovations stemming from the competition of cryptocurrencies and the associated blockchain technology hold the potential for improving these outcomes.

Date: 2023-12
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Related works:
Journal Article: The International Supply of Reserve Currency (2025)
Working Paper: The International Supply of Reserve Currency (2023)
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