Using a critical analysis of the acquired data, this article mainly aims to present the currency composition of the foreign currency reserves of central banks in selected countries in the 1999-2007 period and, on this basis, to establish whether the euro stands any real chances of dethroning the...

In this article, we study Europe's monetary geography on the eve of the Industrial Revolution. Our unit of analysis is the city and we explore inter-city linkages. Important findings include a considerable degree of integration and multilateralism with monetary centers having already emerged as...

The recent global financial crisis highlighted the risks arising from an international monetary system that mainly relies on the U.S. dollar as the international currency. Shortages of dollar funding in numerous advanced and emerging economies spilled over into the real economy, contributing to...

The dollar's steady depreciation has had little impact on the official reserves of central banks. As scholars of the international monetary system debate whether the dollar can continue to play the dominant role in the international monetary system, actual developments in exchange relations...

The rise of the renminbi (RMB) as a key currency in international financial markets has been fast. It reflects China's general expansion in the "real" world economy, and its accumulation of official foreign exchange reserves. There is no doubt that the role of the RMB for the global economy will...

The rise of the renminbi (RMB) as a key currency in international financial markets has been fast. It reflects China's general expansion in the "real" world economy, and its accumulation of official foreign exchange reserves. There is no doubt that the role of the RMB for the global economy will...

The dollar's steady depreciation has had little impact on the official reserves of central banks. As scholars of the international monetary system debate whether the dollar can continue to play the dominant role in the international monetary system, actual developments in exchange relations...

This paper sets out to investigate the forces behind the so-called global capital flows paradoxʺ and related dollar glutʺ observed in the era of advancing financial globalization. The supposed paradox is that the developing world has increasingly come to pursue policies that result in current...

Following an analysis of the forces behind the global capital flows paradoxʺ observed in the era of advancing financial globalization, this paper sets out to investigate the opportunity costs of self-insurance through precautionary reserve holdings. We reject the idea of reserves as low-cost...

This paper proposes a reformed architecture of the international monetary system based on three pillars. The first is a representative apex organization, which can be understood as a transformation of the G-20 into a representative international institution. The second is the continuous reform...