
Dominant currency pricing in international trade of services
The US dollar is the dominant vehicle currency for global goods trade, but there is less evidence for trade

The US dollar is the dominant vehicle currency for global goods trade, but there is less evidence for trade

Financial institutions, especially in Europe, hold a disproportionate amount of domestic sovereign bonds on their balance sheets. This home

The US and China’s economic rebound has fueled global growth and put upward pressure on commodity prices, while geopolitical

Monetary policy is often feared to have limited traction in emerging markets. Yet, empirical evidence supporting or disproving these

Non-bank financial intermediation has grown rapidly since the global financial crisis, and its size now equals that of banks

Despite the large surge in inflation across advanced economies since 2021, long-term expectations are mostly in line with central

Non-bank financial intermediaries have surpassed banks as the largest global financial intermediaries, yet they remain lightly regulated. This column

The design of monetary policy has traditionally considered aggregate total factor productivity as an exogenous variable over which the

Firms across many advanced economies have faced a significant increase in the interest rates paid on borrowing and received

The natural rate of interest is key to understanding where interest rates may be heading in the medium run.

The US dollar is the dominant vehicle currency for global goods trade, but there is less evidence for trade

Financial institutions, especially in Europe, hold a disproportionate amount of domestic sovereign bonds on their balance sheets. This home

The US and China’s economic rebound has fueled global growth and put upward pressure on commodity prices, while geopolitical

Monetary policy is often feared to have limited traction in emerging markets. Yet, empirical evidence supporting or disproving these

Non-bank financial intermediation has grown rapidly since the global financial crisis, and its size now equals that of banks

Despite the large surge in inflation across advanced economies since 2021, long-term expectations are mostly in line with central

Non-bank financial intermediaries have surpassed banks as the largest global financial intermediaries, yet they remain lightly regulated. This column

The design of monetary policy has traditionally considered aggregate total factor productivity as an exogenous variable over which the

Firms across many advanced economies have faced a significant increase in the interest rates paid on borrowing and received

The natural rate of interest is key to understanding where interest rates may be heading in the medium run.




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