Download This PaperThe International Monetary and Financial System
47 Pages Posted: 30 Apr 2019 Last revised: 13 Dec 2025
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The International Monetary and Financial System
NBER Working Paper No. w25782
Number of pages: 47
Posted: 30 Apr 2019
Last Revised: 12 Jun 2023
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The International Monetary and Financial System
CEPR Discussion Paper No. DP13714
Number of pages: 49
Posted: 07 May 2019
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The International Monetary and Financial System
Annual Review of Economics, Vol. 11, pp. 859-893, 2019
Posted: 04 Sep 2019
Date Written: April 2019
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’.
Suggested Citation: Suggested Citation
Gourinchas, Pierre-Olivier and Rey, Helene and Sauzet, Maxime, The International Monetary and Financial System (April 2019). NBER Working Paper No. w25782, Available at SSRN: https://ssrn.com/abstract=3379461
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