Stablecoins and the New Era of Digital Dollarization
For decades, discussions about the U.S. dollar's global dominance centered on trade invoicing, foreign exchange reserves, and the role of U.S. capital markets.
Bretton Woods 3.0: The New Architecture of Global Capital
The global financial system is undergoing one of its most significant structural transformations since China's entry into the World Trade Organization more than two decades ago.
U.S.-Iran Ceasefire Brings Relief to Oil Markets, but Risks in the Strait of Hormuz Persist
The ceasefire agreement signed by the United States and Iran on June 17 marks a significant de-escalation in a conflict that had threatened one of the world's most important energy chokepoints.
Economic Policy Uncertainty Reaches Levels Reminiscent of Past Global Crises
Global economic policy uncertainty has risen sharply over the past year, reaching levels that increasingly resemble periods associated with major systemic shocks such as the 2008 Global Financial Crisis and the COVID-19 pandemic.
The Structural Decline of U.S. Dollar Purchasing Power Since the Nixon Shock
The long-term erosion of the U.S. dollar’s purchasing power represents one of the most important macroeconomic developments of the modern financial era.
