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Full-Text Articles in International Economics
The Shifting Dynamics Of International Reserve Currencies, Robert J. Righi
The Shifting Dynamics Of International Reserve Currencies, Robert J. Righi
Undergraduate Economic Review
With the recognition by the IMF of the Chinese renminbi as an international reserve currency in 2015, it is important to understand the modern influence of reserve currencies. We use currency exchange rate data and apply modified workhorse regression models to assign each country’s gross domestic product at purchasing power parity to a reserve currency bloc in order to obtain a global sphere of influence for each reserve currency. We find that the United States retains its dominance but faces challenges from the renminbi and the euro in recent years as the international monetary system becomes tri-polar.
Shanghai As An International Financial Center - Aspiration, Reality And Implication, Raph Luo
Shanghai As An International Financial Center - Aspiration, Reality And Implication, Raph Luo
Undergraduate Economic Review
China’s rapid economic development, especially in the financial sector, has ignited the discussion of the re-emergence of Shanghai as a leading international financial center (IFC). Much still remains to be done for Shanghai to catch up with established centers such as New York and London, including deepening its capital markets and opening itself up to cross-border capital flows. While Shanghai’s current financial development has been made possible largely by China’s past economic conditions and policies, recent reforms are also likely to guarantee Shanghai the position as a world-class onshore IFC in the near future. The rise of Shanghai will likely …