The financial crisis that began during the summer of 2007 accelerated the depreciation of the dollar. Has the dollar now fallen far enough for global disequilibria to be reabsorbed and for a reappreciation to take place? What do the two methods commonly used to determine medium- or long-term...

The terms of trade of commodity-exporting countries are directly affected by the large-scale swings of worldwide prices. These terms of trade represent one of the key determinants of the real exchange rates of these economies. By estimating long-term equilibrium exchange rates we can gauge their...

The European Union's strong positions in international services trade are mainly in finance and insurance, as well as in computing wherethey are now challenged by large emerging countries. The United Kingdom appears to be the only large European country specialized inservices with strong growth....

As part of discussions on reforming the international monetary system, there has been renewed interest in the Special Drawing Right (SDR). In April 2011, the finance ministers and central bankers of the G20 decided to work on a “criteria-based path to broaden the composition of the SDR”.1 In...

While the sovereign debt crisis continues worsening in the Euro area, European partners are still hesitating in offering some help, considering that Europe must rely primary on its own resources and fix its failed governance. Still, this crisis constitutes a new, major risk for other countries,...