TY - BOOK ID - 137052227 TI - Currency Usage for Cross Border Payments AU - Perez-Saiz, Hector. AU - Iyer, Roshan. AU - Zhang, Longmei. PY - 2023 SN - 9798400239083 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - China, People's Republic of KW - Macroeconomics KW - Economics: General KW - Money and Monetary Policy KW - Finance: General KW - Industries: Financial Services KW - Exports and Imports KW - Monetary Systems KW - Standards KW - Regimes KW - Government and the Monetary System KW - Payment Systems KW - International Monetary Arrangements and Institutions KW - Financial Markets and the Macroeconomy KW - Current Account Adjustment KW - Short-term Capital Movements KW - Economic & financial crises & disasters KW - Economics of specific sectors KW - Monetary economics KW - Finance KW - Distributed ledgers KW - Currencies KW - Money KW - International monetary system KW - Financial sector development KW - Financial markets KW - Digital currencies KW - Technology KW - Portfolio investment KW - Balance of payments KW - Currency crises KW - Informal sector KW - Economics KW - International finance KW - Financial services industry KW - Technological innovations KW - Portfolio management UR - https://www.unicat.be/uniCat?func=search&query=sysid:137052227 AB - While the global usage of currencies other than the U.S. dollar and the euro for cross-border payments remains limited, rapid technological (e.g. digital money) or geopolitical changes could accelerate a regime shift into a multipolar or more fragmented international monetary system. Using the rich Swift database of cross-border payments, we empirically estimate the importance of legal tender status, geopolitical distance, and other variables vis-à-vis the large inertia effects for currency usage, and perform several forecasting simulations to better understand the role of these variables in shaping the future payments landscape. While our results suggest a substantially more fragmented international monetary system would be unlikely in the short and medium term, the impact of new technologies remains highly uncertain, and much more rapid geopolitical developments than expected could accelerate the transformation of the international monetary system towards multipolarity. ER -