This article focuses on the two new multilateral development banks dominated by emerging economies: Asian Infrastructure Investment Bank and New Development Bank. The authors explore the main economic and political incentives that lie behind the creation of these institutions, examine challenges...

The paper focuses on the issue on the development of international financial center in Russia. It provides an overview of the Russian official plans of development of the international financial center (based primarily in Moscow), reviews the existing literature on the emergence of IFCs, applies...

This paper explores the nature of macroeconomic spillovers from advanced economies to emerging market economies (EMEs) and the consequences for independent use of monetary policy in EMEs. We first empirically document the effects of US monetary policy shocks on a sample group of EMEs. A...

This policy brief examines issues associated with the design and implementation of regulatory policymaking in interconnected financial markets. The policy brief explains why international interdependence among nations' financial markets and regulations can provide an incentive for national...

The paper discusses whether US dollar based financial sanctions will undermine the dollar's dominant international role. Despite long-standing attempts to reduce the role of the dollar, these have had limited success so far. I discuss why this is the case and why alternatives to the dollar are...