Official holdings of US dollar reserves are partly invested outside the United States. These offshore investments do not strictly speaking finance the US current account, but do support the US dollar. Offshore holdings grow fast when intervention is large

This paper critically reviews the theoretical basis for the provision of the global financial safety net (GFSN) and provide a comprehensive database covering four elements of the GFSN (foreign exchange reserves, IMF financing, central bank swap lines and regional financing arrangements) for over...

The BIS 11th Annual Conference took place in Lucerne, Switzerland on 21-22 June 2012. The event brought together senior representatives of central banks and academic institutions, who exchanged views on the conference theme of "The future of financial globalisation". This volume contains the...

The experience of the EFSD in the last 10 years has raised important questions about the developmental role an RFA could play for low income or less-developed countries. Even though other RFAs do not have a development mandate, the EFSD’s operational model inspires the RFAs to reflect on their...

This paper provides an overview of the potential international role of the renminbi (RMB). Reviewing the current state, the paper finds that much progress has been made on RMB settlements for trade involving the People's Republic of China (PRC) and on RMB-denominated bond issuance in Hong Kong,...

his essay places the first blueprint for the Intellectual Property Currency (IPC) funding that the International Central Bank for Intellectual Properties (ICB/IP) would issue to finance the implementation of intellectual capital and the generation of the next one. The blueprint formulates the...

This essay places the second version of the blueprint for the Intellectual Property Currency (IPC), in which we have updated the first one with more detailed descriptions in depth. The IPC would be issued by the International Central Bank for Intellectual Property (ICB/IP) upon request when the...

Macroeconomic adjustment in the euro area periphery was more recessionary than pre-crisis imbalances would have warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone crisis countries (Greece, Portugal, Ireland, Cyprus, Spain)...