This paper assembles a comprehensive dataset of the currency composition of countries' external balance sheets for 50 economies over the period 1990-2020. We document the following findings: (i) the US dollar and the euro still dominate global external balance sheets; (ii) there were striking...

This paper examines the impact of Dollar exchange rate volatility on firm productivity in Emerging Markets economies (EMs). Using firm level data covering 16 EMs over the period 1998 -2019, the paper shows that dollar exchange rate volatility reduces firm productivity growth. Exploring channels,...

We estimate how the rate of pass-through from the exchange rate to domestic prices varies across states of the economy and depending on the shocks that drive fluctuations in the exchange rate. We confirm several results from the literature and uncover new facts. Drawing on the experience of a...