The resilience of the international status of the US dollar remains surprising (Frankel 2013). At the peak of the global financial crisis which started in the US, in particular in the last quarter of 2008, US treasury yields fell and the US dollar appreciated. This has created the impression of a stronger demand for US securities in general.
Foreign investors and crises: There is no safe haven for all seasons
Maurizio Michael Habib, Livio Stracca, 28 February 2014
The latest on the dollar’s international currency status
Jeffrey Frankel, 6 December 2013
As most people know, the general trend in the dollar’s role as an international currency has been slowly downward since 1976.
The rise of the renminbi as international currency: Historical precedents
Jeffrey Frankel, 10 October 2011
All of a sudden, the renminbi is being touted as the next big international currency. Just in the last year or two, the Chinese currency has begun to internationalise along a number of dimensions. A renminbi bond market has grown rapidly in Hong Kong, and one in renminbi bank deposits. Some of China’s international trade is now invoiced in the currency.
From lender of last resort to global currency? Sterling lessons for the US dollar
Marc Flandreau, Stefano Ugolini, 23 July 2011
Financial crises are bad news for the status of the currency in which the turmoil is denominated, right?
So the US-made financial crisis must be bad for the dollar, right?
And especially so because of the expansive dollar monetary policy that has ensued, right?
The case for regular SDR issues: Fixing inconsistency in balance-of-payments targets
John Williamson, 2 October 2009
The Special Drawing Right (SDR) was created by the IMF in the late 1960s as its very own gold-substitute and first allocated to IMF members in 1970. Subsequent issues in the following two years were agreed at the same time, and then a new 3-year period of modest allocations occurred in 1979-81.
Shifting wealth: Is the US dollar Empire falling?
Helmut Reisen, 20 June 2009
Just ahead of the G20 London Summit in April, Zhou Xiaochuan (China's central bank governor) proposed replacing the US dollar as the international reserve currency with a new global system controlled by the IMF. The main global reserve currency would be represented by a basket of significant currencies and commodities, an extended version of the Fund’s Special Drawing Rights (SDRs).
“Development and the crisis” – a critical reading
Francisco Rodríguez, 23 February 2009
The “Development and the crisis” theme in Vox’s Global Crisis Debate provides a refreshing counterweight to current discussions’ overwhelming emphasis the effect of the crisis on developed nations.
- Internationalisation, innovation, and productivity of firmsAltomonte, Aquilante, Békés, Ottaviano
- How rich nations benefit from EU membershipCampos, Coricelli, Moretti
- The ECB should do QE via forex interventionFrankel
- The chartbook of economic inequalityAtkinson, Morelli
- Predicting economic turning pointsAhir, Loungani
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- The ECB’s stealth bailoutSinn
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Mulgan, 11 April 2014
Campos, Coricelli, Moretti
Ostry, Berg, Tsangarides
CEPR Policy Research
- The buyer margins of firms' exportsCarballo, Ottaviano, Volpe
- Commodity and Equity Markets: Some Stylized Facts from a Copula ApproachDelatte, Lopez
- Ethnic Unemployment Rates and Frictional MarketsGobillon, Rupert, Wasmer
- Finance and Poverty: Evidence from IndiaAyyagari, Beck, Hoseini
- The Manipulation of Basel Risk-WeightsMariathasan, Merrouche
- Making city lights shine brighterYusuf, Leipziger
- The euro in the 'currency war'Bénassy-Quéré, Martin
- The roots of shadow bankingPerotti
- What’s wrong with Europe?Baldini, Manasse
- How the EZ crisis is permanently changing EU institutionsMicossi
- The 13th Annual GEP Postgraduate Conference 20141 - 2 May 2014 / Nottingham / Sponsored by Nottingham Centre for Research on Globalisation and Economic Policy (GEP) University of Nottingham, United Kingdom
- Exchange Rates and External Adjustment2 - 3 June 2014 / Zurich / Swiss National Bank
- 13th Summer School in International Development Economics: Investment, Saving and Wellbeing in Developing Countries10 - 13 June 2014 / Palazzo Feltrinelli, Gargnano, Lake Garda (Italy) / Organisers: Centro Studi Luca d’Agliano, Centre for Economic Policy Research (CEPR), Paolo Baffi Center on International Markets, Money and Regulation, Department of Economics, Management and Quantitative Methods of the University of Milan, Department of Economics, Quantitative Methods and Business Strategies of the University of Milan Bicocca, Vilfredo Pareto Doctoral Program in Economics of the University of Turin, The Lombardy Advanced School of Economic Research (LASER).
- 3rd WB-BE Research Conference: Financing growth: Levers, Boosters and Brakes23 - 24 June 2014 / Banco de España headquarters in Madrid / This conference is sponsored by Banco de España and The World Bank