This article looks at the hitherto little-studied transatlantic cooperation between central and commercial banks after the "Nixon shock" of August 1971 and investigates the specific areas and dimensions of their interactions. Using the example of Deutsche Bank and its board member Alfred...

Central banks act as lenders of last resort to commercial banks and other financial institutions. However, there is much controversy about whether or not they should perform this function. This article analyses, in the first place, the principal aspects o

This paper discusses the factors determining the international use of the euro, the relation of it with the ECB monetary policy and the overall use of the euro in the international monetary system since its introduction. The euro has become the second most important international currency after...

This paper discusses the factors determining the international use of the euro, the relation of it with the ECB monetary policy and the overall use of the euro in the international monetary system since its introduction. The euro has become the second most important international currency after...

The rhythm of financial development in south-eastern Europe has accelerated. In a setting of low inflation and robust growth, domestic credit and cross-border flows are expanding. This process can strengthen real convergence by supporting productivity gains that enhance competitiveness and a...

Looking ahead to the creation of a Gulf Cooperation Council (GCC) Currency Union in 2010, the paper covers some implications for the statistical programs of the GCC countries. Despite uncertainty over the structure of the proposed union, the paper envisions several types of mutually reinforcing...

The article analyses recent tendencies in the monetary system with an emphasis on events taking place in the Gulf Cooperation Council (GCC) member states. The importance of these countries goes far beyond oil deliveries as their surpluses stemming from oil export have become a key pillar in...

We provide a liquidity-based theory for the dominant use of the US dollar as the unit of denomination in global debt contracts. Firms need to trade their revenue streams for the assets required to extinguish their debt obligations. When asset markets are illiquid, as modeled via endogenous...