The International Monetary and Financial System
Pierre-Olivier Gourinchas (),
Helene Rey () and
No 25782, NBER Working Papers from National Bureau of Economic Research, Inc
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 analyze the emergence of a new ‘Triffin dilemma’.
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Published as Pierre-Olivier Gourinchas & Hélène Rey & Maxime Sauzet, 2019. "The International Monetary and Financial System," Annual Review of Economics, vol 11(1).
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Working Paper: The International Monetary and Financial System (2019)
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