The US derives enormous economic benefits from issuing the dominant global currency. This exorbitant privilege has been put at risk by the combination of the 2022 sanctions against Russia and new technological developments, specifically Central Bank Digital Currencies. CBDCs promise faster,...

Recent crises have cast doubt on the legitimacy of technocratic power, yet its role in global economic governance remains poorly understood. Revisiting the collapse of Bretton Woods, we propose a dynamic theory of global monetary governance to explain how expanding central bank discretion can...

We document that during the Global Recession, US monetary policy easings triggered the "exorbitant duty" of the United States, the issuer of the world's dominant currency, by causing a dollar appreciation and a transfer of wealth from the United States to the rest of the world. This dollar...

The central bank is one of the main pillars of a country's government and one of the institutions most required to respond to crisis situations in the economy. In this respect, the National Bank of Romania, as the monetary authority of the Romanian state, is constantly subject to such pressure....

Recently, there has been increasing research interest in the historical composition of central bank reserves. However, studies in this area is hindered by a lack of data, as such data spanning multiple centuries is only available for a small number of countries. This paper presents an empirical...

The U.S. dollar has played a preeminent role in the global economy since the second World War. It is used as a reserve currency and the currency of denomination for a large fraction of global trade and financial transactions