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The International Monetary and Financial System*
Annual Review of Economics, 2019, 11:1, 859-893. https://doi.org/10.1146/annurev-economics-080217-053518

Gourinchas, P.O., Rey, H., Sauzet, M.
Date Published: 2019

International currencies fulfill different 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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