‘Key currencies’ affect patterns of global imbalances – BIS paper


Thinking about currency “zones” instead of currencies themselves can shed important light on global imbalances, according to research published by the Bank for International Settlements.

Robert McCauley and Hiro Ito divide the world into zones according to the co-movement of national currencies with a set of “key currencies”. The “dollar zone” accounts for “well over” half of global GDP.

Thinking about the world in this way changes the perspective on global imbalances, they write in the

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