This paper investigates the U.S. dollar's role as the international currency of choice as a key contributing factor in critical global developments that led to the crisis of 2007–09, and considers the future role of the dollar as the global economy emerges from that crisis. It is argued that...

Abstract: Seeking a new currency system after Gold Currency System, gravitate towards a new international architecture. This urgency arises from the deep problems and concerns for the future that are created by the crisis. Actually, the reason behind the first BW system's success was hope of...

The main strength of today's international monetary system – its flexibility and adaptability to the different needs of its users – can also become its weakness, as it may contribute to unsustainable growth models and imbalances. The global financial crisis has shown that the system cannot...

World-wide economic turmoil and international uncertainty are threatening the development of our economies, and experts increasingly evoke the ghost of recession. The aim of this paper is to show that the present system of international payments is in a disarray, and that a reform is needed to...

The global economy has built a tangled and tortuous financial system model at a pace arduous to manage. After the financial crisis which was widely recognized in 2008, the International Monetary Fund (IMF) made several attempts to create an effective financial system. However, the organization...

Based on a classification of countries and territories according to their regime and anchor currency choice, the study considers the two major currency blocs of the present world. A nested logit regression suggests that long-term structural economic variables determine a given country's currency...

This paper quantifies the economic influence that shocks to EMU cohesion, which in turn reflect the incomplete nature of the monetary union, have on the rest of the world, by disentangling euro area stress shocks and global risk aversion shocks on the basis of a combination of sign, magnitude...