Tiny changes in the American monetary policy can have dramatic effects on the rest of the world because of dollar's double role of national and international currency. This is the Triffin dilemma. The paper shows how it works through three examples: price of commodities, dollarization, and the...

Zu den wesentlichen Veränderungen in den Umgebungsbedingungen des Finanzgewerbes in den letzten beiden Jahrzehnten zählen die Deregulierung und vor allem die erheblichen Fortschritte in der Kommunikationstechnologie, speziell der Übermittlung, Aufbereitung und Interpretation von...

Global imbalance refers to the significant gap in current account surpluses and deficits amongst major countries. Between mid-1990s and mid-2000s, global imbalance moved from moderate to historically unprecedented levels. Particularly, the U.S. ran up its current account deficit from under $200...