We document a decline in the dollar share of international reserves since 1999. This decline
reflects active portfolio diversification by central bank reserve managers, rather than …

This paper reviews the operation of the Bretton Woods international monetary system 50
years after the United States closed the Gold Window linking the dollar to gold in August …

This paper analyses the factors that govern the choice of the currency composition of official
foreign exchange reserves. First, we introduce a new panel dataset on the key currencies in …

After falling for decades, central bank gold holdings have risen since the Global Financial
Crisis. We identify 14 “active diversifiers,” countries that purchased gold and raised its share …

We propose a measure of financial market integration based on a factor model of equity
returns computed back to the first era of financial globalization for 17 countries. Global …

Despite major structural shifts in the international monetary system over the past six
decades, the US dollar remains the dominant international reserve currency. Using a newly …

Little has contributed more to the emergence of today's world of financial globalization than
the setup of the international monetary system. In its current shape, it has a hierarchical …

The notion that the international monetary system is hierarchical has become increasingly
common, but the nature, causes, and shape of international monetary hierarchy remain …

We propose a new conception of monetary sovereignty that acknowledges the reality of
today's global credit money system. Today, the concept is predominantly used to denote …

The rise of Renminbi (RMB) is one of the significant changes of the international monetary
system since the 2008 global financial crisis. Through its economic influence in trade and …