Currency Hierarchy and Financial Globalisation

Authors

Luiz Fernando de Paula; Barbara Fritz; Daniela Magalhães Prates

Details

ISBN: 9781035328826

Published: 2026

Format: Hardcover

Language: English

Publisher: Edward Elgar Publishing

Description

This book investigates how financial globalisation shapes the hierarchical order of currencies in the international monetary system. Building on the currency hierarchy framework, the authors examine why some currencies enjoy liquidity premia and stability while others carry a persistent "currency risk premium", and how this ranking constrains monetary and exchange rate policy in developing and emerging economies.

Drawing on empirical evidence from Latin America and other peripheral economies, Luiz Fernando de Paula, Barbara Fritz and Daniela Magalhães Prates evaluate the implications of currency hierarchy for capital flows, exchange rate volatility and policy space, offering a structured account of a debate that has gained new urgency amid discussions of de-dollarisation and reserve currency diversification.

Key Features

• Explains the currency hierarchy framework and its empirical foundations
• Assesses implications for peripheral and emerging economies
• Connects theory to current debates on de-dollarisation and reserve diversification
• Draws on Latin American and comparative case evidence

Who Should Read This Book

Academics and graduate students in international economics and finance, central bank and policy researchers, and institutional libraries building collections on the international monetary system.

Where can I buy Currency Hierarchy and Financial Globalisation?

You can order it directly from CLNZ Books: Currency Hierarchy and Financial Globalisation.

Q&A

What does this book examine?
How financial globalisation shapes the hierarchical order of currencies in the international monetary system, and what that hierarchy means for policy space in peripheral and emerging economies.

Why is it timely?
It speaks directly to current debates on de-dollarisation, reserve currency diversification and the constraints facing emerging-market monetary policy.

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How to Order

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