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 …

A handful of currencies, especially the US dollar, play a dominant role in international trade.
We survey the active theoretical and empirical literature that documents patterns of currency …

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 …

We review the literature on the empirical characteristics of the global financial cycle and
associated stylized facts on international capital flows, asset prices, risk aversion, and …

This paper introduces a comprehensive database of macroprudential policies, which covers
134 countries from January 1990. Using a novel numerical indicator of the tightness of loan …

Compared with China's pre-eminent status in world trade, its role in global finance is poorly
understood. This paper studies the size, terms and destination of Chinese official …

ABSTRACT I show that monetary policy divergence vis-a-vis the US has larger spillover
effects in emerging markets than advanced economies. The monetary policy of the US …

We propose a “dominant currency paradigm” with three key features: dominant currency
pricing, pricing complementarities, and imported inputs in production. We test this paradigm …

An increase in the household debt to GDP ratio predicts lower GDP growth and higher
unemployment in the medium run for an unbalanced panel of 30 countries from 1960 to …

This paper employs an updated algorithm and database for classifying exchange rate and
anchor currency choice, to explore the evolution of the global exchange rate system …