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The International Monetary and Financial System*

Gourinchas, P.O., Rey, H., Sauzet, M.
Date Published: 2019
Annual Review of Economics, 2019, 11:1, 859-893. https://doi.org/10.1146/annurev-economics-080217-053518

International currencies ful fill di fferent roles in the world economy with important synergies across those roles. We explore the implications of currency hegemony for the external balance sheet of the United States, the process of international adjustment, and the predictability of the US dollar exchange rate. We emphasize the importance of international monetary spillovers, of the exorbitant privilege, and analyse the emergence of a new `Triffin dilemma'.

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*Helene Rey thanks the ERC for financial support (ERC Advanced Grant 695722).

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