We propose a simple model of the international monetary system. We study the world supply and demand for reserve assets … denominated in different currencies under a variety of scenarios: a Hegemon vs. a multipolar world; abundant vs. scarce reserve … instability of the system, as well as the common prediction regarding the natural and beneficial emergence of a multipolar world …

1996 to 2011 period using exchange rate spot, forward, and option data, we obtain a real-time index of world disaster risk …

the world and, b) heterogeneity in these regions' capacity to generate financial assets from real investments. In …