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.
The rise of the renminbi as international currency: Historical precedents
Jeffrey Frankel, 10 October 2011
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.
- Fiscal consolidation: At what speed?Blanchard, Leigh
- Public debt and economic growth, one more timePanizza, Presbitero
- Escaping liquidity traps: Lessons from the UK’s 1930s escapeCrafts
- The lessons of the North Atlantic crisis for economic theory and policyStiglitz
- Do entrepreneurs matter?Becker, Hvide
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Reichlin, Baldwin, 14 April 2013
CEPR Policy Research
- Political Credit Cycles: The Case of the Euro ZoneFernández-Villaverde, Garicano, Santos
- Winning by Losing: Incentive Incompatibility in Multiple QualifiersDagaev, Sonin
- Income and schoolingBrückner, Gradstein
- Monetary Policy and Rational Asset Price BubblesGalí
- Does Supporting Passenger Railways Reduce Road Traffic Externalities?Lalive, Luechinger, Schmutzler
- How the EZ crisis is permanently changing EU institutionsMicossi
- WTO 2.0: Global governance of supply-chain tradeBaldwin
- Is US economic growth over? Faltering innovation confronts the six headwindsGordon
- The economic crisis: How to stimulate economies without increasing public debtWood
- Austerity: Too Much of a Good Thing?Corsetti
- Global Spillovers and Economic Cycles30 - 31 May 2013 / Paris / Banque de France