This paper surveys a wide body of economic literature on the relationship between currencies and trade. Specifically, two main issues are investigated: the impact on international trade of exchange rate volatility and of currency misalignments. On average, exchange rate volatility has a negative...

Today, the problem facing the United States is not whether cryptocurrencies are money or “thin air,” Iran's nuclear ambition, or COVID-19 induced recession; it is China's fast acceleration in becoming a game changer in the world order that the U.S. has dominated for more than a century....

This paper adopts the tail-event driven network (TENET) framework to explore the connectedness and systemic risk of the banking industry along the Belt and Road (B&R) based on weekly returns of 377 publicly-listed banks from 2014 to 2019. We conduct the connectedness analysis from four levels...