In recent years the discussion of the role played by reserve currencies in the world economy has reached a new level. Problems caused by the domination of a single reserve currency have not yet been resolved and it remains unclear when and how they will be solved in the future. At the same time,...

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 will propose a plan to reform international finance – the World Financial Authority (WFA) Plan. Under such a plan, the IMF and other existing international financial institutions would be reformed and coordinated around a newly created WFA. The WFA would have two core functions....

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...

The study presented main features of possible currency options which can be potentially adopted by Zimbabwe in the aftermath of multi-currency regime. The currency options analyzed are dollarization, joining the CMA and re-introduction of the Zimbabwe dollar (Z$). The proposed management systems...

This paper examines an important aspect of the ongoing hybridization of contemporary international monetary law. The formerly clear-cut body of international law on capital and exchange controls, once exclusively enshrined in the Articles of Agreement of the International Monetary Fund, has been...

Deposit outflows and a decrease of interbank funding have been compensated by increased borrowing of Greek banks to the Eurosystem. Due to collateral eligibility constraints, most of this funding shifted to ELA. The ECB could raise the haircut rates on the collateral pledged by Greek banks to...

This study focuses on identifying the main factors that influenced country-specific and aggregate demand for IMF concessional financing between 1986 and 2018 and makes within-period and out-of-period forecasts. We find that the external debt level, inflation, and real effective exchange rate are...

Swaps are the monster of illicit financing once solely supported by Hydra–like cryptocurrencies and the informal value transfer system. Their complexity and opaque private market provide ideal cover for money laundering and proliferation financing beyond the reach of detection from lay...