foreign borrowing and lending must systematically pay for its imports in foreign currency through its exports alone, provided … external currency enjoys the status of an international reserve currency is bound to incur a trade deficit and an attendant … of the balance of payments. Currency regimes, sudden stops in foreign net borrowing, international reserve currencies and …

We describe a simple framework for the currency hedging of global investment portfolios from the perspective of an … investors without access to currency derivative instruments. We show how the currency hedging decision changes in the presence … range of different investor home currencies. We conclude that there are challenges to 'set-and-forget' currency hedging …

alternatives to a unipolar dollar-based system. It considers (1) measures of international currency use; (2) potential challengers … leading international currency. On the other hand, abuse of exorbitant privilege – which now includes not just debasing the … currency but also excessive use of sanctions – operates in favor of challengers. A good guess is that the dollar will continue …

reserve currency since the end of the 1971 gold standard system. The article uses the Quantity Theory of Money to provide an … empirical manifestation of how reserve currency yields income to its issuing country through the provision of an inflation … buffer, which is equivalent to what the article frames as an imperial rent of reserve currency. The article then provides a …