Pierre-Olivier Gourinchas, Hélène Rey, Maxime Sauzet
{"title":"国际货币和金融体系","authors":"Pierre-Olivier Gourinchas, Hélène Rey, Maxime Sauzet","doi":"10.1146/ANNUREV-ECONOMICS-080217-053518","DOIUrl":null,"url":null,"abstract":"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 and of the exorbitant privilege, and we analyze the emergence of a new Triffin dilemma.","PeriodicalId":145273,"journal":{"name":"Monetary Economics: Central Banks - Policies & Impacts eJournal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"78","resultStr":"{\"title\":\"The International Monetary and Financial System\",\"authors\":\"Pierre-Olivier Gourinchas, Hélène Rey, Maxime Sauzet\",\"doi\":\"10.1146/ANNUREV-ECONOMICS-080217-053518\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"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 and of the exorbitant privilege, and we analyze the emergence of a new Triffin dilemma.\",\"PeriodicalId\":145273,\"journal\":{\"name\":\"Monetary Economics: Central Banks - Policies & Impacts eJournal\",\"volume\":\"11 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2019-04-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"78\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Monetary Economics: Central Banks - Policies & Impacts eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1146/ANNUREV-ECONOMICS-080217-053518\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Monetary Economics: Central Banks - Policies & Impacts eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1146/ANNUREV-ECONOMICS-080217-053518","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
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 and of the exorbitant privilege, and we analyze the emergence of a new Triffin dilemma.
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