Preface -- A historical prologue -- Currency concepts -- Capital account opening -- The exchange rate regime -- The RMB goes global -- Reserve currency -- The mirage of safety -- Could China stumble? -- Rising global influence -- Conclusion

"New technologies are shaking the foundations of traditional finance. Leading economist Eswar S. Prasad foresees the end of cash, as central banks develop their own digital currencies to compete with Bitcoin and Facebook's Diem. Money and finance are on the verge of dramatic transformations that...

The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications for growth, especially for developing countries. The empirical literature has not been able to conclusively establish the presumed growth benefits of financial integration....

We develop a new dynamic factor model that allows us to jointly characterize global macroeconomic and financial cycles and the spillovers between them. The model decomposes macroeconomic cycles into the part driven by global and country-specific macro factors and the part driven by spillovers...

We analyze shifts in the structure of China's capital outflows over the past decade. The composition of gross outflows has shifted from accumulation of foreign exchange reserves by the central bank to nonofficial outflows. Unlocking the enormous pool of domestic savings could have a significant...