TY - BOOK ID - 85504045 TI - Reserve Currency Blocs: A Changing International Monetary System? AU - Tovar Mora, Camilo. AU - Mohd Nor, Tania. PY - 2018 SN - 1484339371 1484339339 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Exports and Imports KW - Macroeconomics KW - Money and Monetary Policy KW - Economic Integration KW - Foreign Exchange KW - International Monetary Arrangements and Institutions KW - Financial Aspects of Economic Integration KW - Open Economy Macroeconomics KW - Development Planning and Policy: Trade Policy KW - Factor Movement KW - Foreign Exchange Policy KW - Monetary Systems KW - Standards KW - Regimes KW - Government and the Monetary System KW - Payment Systems KW - Financial Crises KW - Monetary economics KW - International economics KW - Economic & financial crises & disasters KW - Monetary unions KW - Reserve currencies KW - Currencies KW - International monetary system KW - Global financial crisis of 2008-2009 KW - Economic integration KW - Money KW - Numéraire KW - International finance KW - Global Financial Crisis, 2008-2009 KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:85504045 AB - What is the extent of currency diversification in the international monetary system? How has it evolved over time? In this paper, we quantify the degree of currency diversification using regression methods of currency co-movements to determine the extent to which national currencies across the world belong to a reserve currency bloc. We then use these estimates to calculate the economic size of each currency bloc. A key contribution of our paper is that we quantify the size of the Chinese renminbi bloc. Our analysis suggests that the international monetary system has transitioned from a bi-polar system - consisting of the U.S. dollar and the euro - to a tri-polar one that includes the renminbi. The dollar bloc is estimated to continue to dominate, having the largest share in global GDP (40 percent), followed by the renminbi (30 percent) and the euro blocs (20 percent). The geographical area of influence for the RMB bloc appears to be most evident among the BRICS’ currencies. The British pound and the Japanese yen blocs appear to play minor roles. ER -