Facing acute strains in the offshore dollar funding markets during the COVID-19 crisis, the
Federal Reserve (Fed) provided US dollar liquidity to the global economy by reactivating or …

This study examines whether pre-crisis international reserve accumulations, as well as
exchange rate and reserve policy decisions made during the global financial crisis, can help …

Global activities of banks are a core manifestation of broader patterns of globalization of
production, trade, and finance. This article reviews the extensive recent empirical and …

This report presents a set of concrete proposals of increasing ambition for the reform of the
international monetary system. The proposals aim at improving the international provision of …

We revisit the association between fundamentals and exchange rates in emerging markets
relying on the role of the Economic Policy Uncertainty (EPU) in explaining/forecasting …

This paper explores the record of central bank swaps to draw out four themes. First, this
recent device of central bank cooperation had a sustained pre-history from 1962-1998 …

Based on a dataset of 112 emerging economies and develo** countries, this paper
addresses the question whether the accumulation of international reserves has effectively …

We explain the size of international reserve depletion during the global crisis, where only
about half of the EMs drew down their reserves as part of the adjustment mechanism …

The objective of this paper is three-fold. First, the monetary and exchange rate regimes of
the Asian countries are described and analyzed. The degrees of flexibility in exchange rates …

We investigate the determinants of emerging markets performance during five US Federal
Reserve monetary tightening and easing cycles during 2004–2023. We study how …