NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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China vs. U.S.: IMS Meets IPS

Emmanuel Farhi, Matteo Maggiori

NBER Working Paper No. 25469
Issued in January 2019
NBER Program(s):Asset Pricing, Economic Fluctuations and Growth, International Finance and Macroeconomics, International Trade and Investment, Monetary Economics

Currently both the International Monetary System (IMS) and the International Price Systems (IPS) are dominated by the U.S. The emergence of China, both as reserve currency and as a currency of invoicing, is likely to disrupt this status quo. We provide a framework to understand the forces that will shape this transition and identify sources of instability. We highlight the risk of an abrupt shift triggered by a run on the dollar.

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Document Object Identifier (DOI): 10.3386/w25469

 
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