We show in this paper that offshore markets intermediate a large chunk of financial transactions in major reserve currencies such as the US dollar. We argue that, for emerging market economies that are interested in seeing some international use of their currencies, offshore markets can help to...

This paper puts forward a proposal to help monetary policies confront the challenge of the "normalisation" of money creation and interest rates. The difficult unwinding of years of unorthodox policies put financial stability at risk in major monetary centres and in EMEs. The authors argue that...

This paper puts forward a proposal to help monetary policies confront the challenge of the 'normalisation' of money creation and interest rates. The difficult unwinding of years of unorthodox policies put financial stability at risk in major monetary centres and in EMEs. The authors argue that...

This paper puts forward a proposal to help monetary policies confront the challenge of the "normalisation" of money creation and interest rates. The difficult unwinding of years of unorthodox policies put financial stability at risk in major monetary centres and in EMEs. The authors argue that...

This paper puts forward a proposal to help monetary policies confront the challenge of the “normalisation” of money creation and interest rates. The difficult unwinding of years of unorthodox policies put financial stability at risk in major monetary centres and in EMEs. The authors argue...

The present paper contains a brief presentation and analysis, in a historical perspective through the lens of the recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current developments and challenges ahead. It is structured in three...

Widespread financial distress typically arises from the unwinding of financial imbalances that build up disguised by benign economic conditions. This paper studies whether credit is a pertinent indicator of future equity price booms, and thus provides a signal for potential financial...

This paper provides a succinct introduction to the internationalisation of the renminbi, a subject of increasing importance in the economics of China. It attempts to shed light on the following questions: Why do non-Chinese residents have incentives to hold renminbi-denominated assets and...

The "Great moderation" has led the economists and policymakers to believe that the monetary policy pursued in the late '80s and carried on until the financial crisis in 2007, is correct. The crisis, however, has forced them to rethink this concept. The aim of this paper is to present the...

Central Bank is one of the most important actors of economic life. The policy that this institution leads is important both in relation to achieving different economic policy objectives (economic growth, unemployment rate, price stability, balance of payment equilibrium) and in relation to the...