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Despite major structural shifts in the international monetary
system over the past six decades, the US dollar remains the
dominant international reserve currency. Using a newly compiled
database of individual economies' reserve holdings by currency,
this departmental paper finds that financial links have been an
increasingly important driver of reserve currency configurations
since the global financial crisis, particularly for emerging market
and developing economies. The paper also finds a rise in inertial
effects, implying that the US dollar dominance is likely to endure.
But historical precedents of sudden changes suggest that new
developments, such as the emergence of digital currencies and new
payments ecosystems, could accelerate the transition to a new
landscape of reserve currencies.
The recent boom in unconventional energy production has been
transforming the energy landscape in North America, with important
implications for global energy markets and broader competitiveness
outlook. In parallel, and linked to a large extent to the energy
boom, important but divergent trends in manufacturing have been
emerging in the region. This book, within a unifying framework,
tells the story of the energy-manufacturing nexus from the
perspective of the United States, Canada, and Mexico, and of the
region as a whole, which produces nearly a quarter of the world's
energy. This timely volume also looks at the North American
perspective on the energy-manufacturing linkages. Using model
simulations, the authors look at how the changing energy landscape
can affect the potential benefits of greater integration across the
three North American economies. The volume concludes with a policy
perspective on the North American energy relationships and
prospects for collaboration.
This paper analyzes the main sources of fiscal risks, including
from unexpected changes in macroeconomic variables and banking
crises, which can have major consequences for countries' fiscal and
public debt sustainability. It builds on an overview of existing
practices in a wide range of countries to provide practical
suggestions on how to promote disclosure of such risks and on risk
mitigation and management. The paper was written in response to
requests from IMF member countries for advice on this subject. The
paper also includes an example of a possible statement of fiscal
risks.
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