This study divides the world into currency zones according to the co-movement of each currency with the key currencies. The dollar zone groups economies that produce well over half of global GDP. The euro zone now includes almost all of Europe and some commodity producers, but remains less than...

The aim of this paper is to examine, using a four-country stock-flow consistent model, how global imbalances may persist or be resolved when a country such as China adopts an exchange rate regime relative to an anchor basket of currencies. We show that when China pegs its currency to a currency...

We argue that criticism concerning the Chinese dollar peg is misplaced as no predictable link exists between the exchange rate and the trade balance of an international creditor economy. The stable nominal yuan/dollar rate is argued to have stabilized Chinese, East Asian and global growth....

The G7 was established as a reaction to the economical and political crises of the mid-nineteen seventies. Its further development towards a complex G7/G8 - system becomes especially apparent in the example of politics of currencies and finance. The group’s possibilities to act effectively are...

The rapid growth of many of the South and Southeast Asian economies in the last quarter of the previous century was quite remarkable. Some writers referred to the phenomenon as “the Asian Miracle.” Miracle or not, growth in these economies was quite rapid.Over the years reports and articles...