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The International Monetary and Financial System

Pierre-Olivier Gourinchas (), Helene Rey () and Maxime Sauzet

No 25782, NBER Working Papers from National Bureau of Economic Research, Inc

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, of the exorbitant privilege, and analyze the emergence of a new ‘Triffin dilemma’.

JEL-codes: E0 F3 F4 G1 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-ifn, nep-mac, nep-mon and nep-opm
Date: 2019-04
Note: AP EFG IFM
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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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