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.