, nationalism, fascism and communism and two world wars …

and its possible ascension to reserve currency status. In an unstable and financially integrated world, governments …' precautionary demand for reserve assets is likely to increase. But the world then risks a third crisis of the global reserve system …, another re-run of the Triffin paradox, with an ever-growing emerging-world insurance demand loaded onto a small group of ever …

system: international liquidity and exchange rate management. Despite radical changes since World War II in the market …

changing demands for modern central bank interventions in the economy. Financial instability, followed by WWII, left a world …

International currencies fulfill different roles in the world economy with important synergies across those roles. We …