Economic and financial integration has reshaped the monetary policy frameworks and transmission channels in the emerging market economies (EMEs) over the past two decades. Economic and financial linkages have become stronger, resulting in greater synchronization of business cycles across...

This note reviews the internationalisation of emerging market (EM) currencies. It summarises various indicators and discusses some possible drivers, drawing on both historical and recent experience. The potential costs and benefits of an EM currency having international status are briefly...