Currency Usage For Cross Border Payments
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Currency Usage For Cross Border Payments
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Author : Hector Perez-Saiz
language : en
Publisher: International Monetary Fund
Release Date : 2023-03-24
Currency Usage For Cross Border Payments written by Hector Perez-Saiz and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-24 with Business & Economics categories.
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.
Renminbi Usage In Cross Border Payments Regional Patterns And The Role Of Swaps Lines And Offshore Clearing Banks
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Author : Hector Perez-Saiz
language : en
Publisher: International Monetary Fund
Release Date : 2023-03-31
Renminbi Usage In Cross Border Payments Regional Patterns And The Role Of Swaps Lines And Offshore Clearing Banks written by Hector Perez-Saiz and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-31 with Business & Economics categories.
The paper examines the usage of the Renminbi (RMB) as an international payment currency. Globally, the use of RMB remains small, accounting for 2 percent of total cross-border transactions. Using country-level transaction data from Swift** for 2010–21, we find significant regional variations in the use of RMB for cross-border payments. While RMB is little used in some regions, it has gained traction in others, and these cross-country differences have widened over the years. Such differences can be partly explained by an economy’s geographic distance, political distance, and trade linkages with China. However, it also reflects the impact of policy measures by the People’s Bank of China, including establishing bilateral swap lines and offshore clearing banks. Both policy measures helped to address offshore RMB liquidity shortages given China’s overall capital account restrictions, with the offshore clearing banks having a quantitatively larger impact. Our analysis contributes to a better understanding of the growing importance of RMB within the international monetary system.
Fintech
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2019-06-27
Fintech written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-27 with Business & Economics categories.
The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity.
Geopolitical Proximity And The Use Of Global Currencies
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Author : Jakree Koosakul
language : en
Publisher: International Monetary Fund
Release Date : 2024-09-06
Geopolitical Proximity And The Use Of Global Currencies written by Jakree Koosakul and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-09-06 with categories.
After decades of increasing global economic integration, the world is facing a growing risk of geoeconomic fragmentation, with potentially far-reaching implications for the global economy and the international monetary system. Against this background, this paper studies how geopolitical proximity, along with other economic factors, affects the usage of five SDR currencies in cross-border transactions. Since World War II, the global currency landscape has remained relatively stable, with the U.S. dollar serving as the dominant currency. Using country-level SWIFT transaction data, our analysis confirms the importance of inertia, trade and financial linkages in shaping the currency landscape, consistent with existing studies. On geopolitical proximity, we find that closer proximity can boost the use of the euro and renminbi, notably among emerging market and developing economies, although the impact is rather muted in the full sample. The effect on RMB usage in the full sample is more pronounced during periods of heightened trade policy uncertainty. These findings suggest that in a more geoeconomically fragmented world, alternative currencies could play a greater role.
Digital Money Cross Border Payments International Reserves And The Global Financial Safety Net
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Author : Mr. Seunghwan Kim
language : en
Publisher: International Monetary Fund
Release Date : 2024-01-04
Digital Money Cross Border Payments International Reserves And The Global Financial Safety Net written by Mr. Seunghwan Kim and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-01-04 with Business & Economics categories.
The rapid advent of digital money (DM) and assets raises questions about its implications for the functioning of the international monetary system (IMS). The low transaction costs of digital technologies, their accessibility and ease of automation, and their integration into existing digital services may bring opportunities in the form of higher financial interconnectedness and inclusion but may also add to risks. This paper explores the possible implications of DM for the IMS from the perspective of cross-border payments, international reserves and the supply of global safe assets, and the global financial safety net. To help inform the discussion, the paper presents empirical analyses of the effect of payment efficiency on international currency adoption for payment/transaction purposes as well as on reserve currency holdings, along with an illustrative modeling scenario of a DM-induced shock for the potential demand for global financial safety net resources.
Global Cross Border Payments
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Author : Mr. Eugenio M Cerutti
language : en
Publisher: International Monetary Fund
Release Date : 2025-06-13
Global Cross Border Payments written by Mr. Eugenio M Cerutti and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-06-13 with categories.
Cross-border payments are essential to the global financial system, facilitating trade and investment. The global cross-border traditional and crypto payment market approached a value of about one quadrillion dollars in 2024, with crypto payments representing only a small fraction despite their recent surge. Focusing on data from Swift—the largest traditional cross-border financial messaging network—we study the characteristics and evolving patterns of these payments over 2021-24. Notably, payments are predominantly concentrated in advanced economies, and are driven by financial institutions and large transactions. While currency usage remains stable—with the U.S. dollar maintaining the largest share—the Chinese renminbi demonstrates signs of increasing global integration, albeit from a low base. Gravity model estimates confirm that traditional economic linkages, via trade, portfolio investment, and FDI, shape cross-border payments. However, aggregate dynamics mask substantial heterogeneity across message types (customer vs. financial related payments), currencies, and transaction sizes, with information asymmetries playing a diminished role in larger payments.
International Transactions In Remittances
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Author : Statistical Office of the European Communities
language : en
Publisher: International Monetary Fund
Release Date : 2009
International Transactions In Remittances written by Statistical Office of the European Communities and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
"The International Transactions in Remittance: Guide for Compilers and Users (RCG)" presents concepts, definitions, and classifications related to remittances. It is consistent with the new standards for measuring balance of payments transactions, as contained in the sixth edition of the "Balance of Payments and International Investment Position Manual (BPM6)." These standards are used globally to compile comprehensive and comparable data. "The RCG" identifies the main remittances compilation methods currently being used by compilers and discusses in detail the strengths and weaknesses of each method. It is the first manual providing compilation guidance for remittances and is also the first compilation guide based on concepts set out in "BPM6." Although the "RCG" is primarily aimed at remittances data compilers, it may also be useful for users who wish to understand remittances data.
The Payment System
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Author : Tom Kokkola
language : en
Publisher:
Release Date : 2010
The Payment System written by Tom Kokkola and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Banks and banking, Central categories.
"This book is designed to provide the reader with an insight into the main concepts involved in the handling of payments, securities and derivatives and the organisation and functioning of the market infrastructure concerned. Emphasis is placed on the general principles governing the functioning of the relevant systems and processes and the presentation of the underlying economic, business, legal, institutional, organisational and policy issues. The book is aimed at decision-makers, practitioners, lawyers and academics wishing to acquire a deeper understanding of market infrastructure issues. It should also prove useful for students with an interest in monetary and financial issues."--Introduction (Pg. 20, para 8).
Globalisation And Deglobalisation
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Author :
language : en
Publisher:
Release Date : 2018
Globalisation And Deglobalisation written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Globalisation has had a profound effect on economic outcomes, especially in emerging market economies (EMEs). In particular, it is widely acknowledged to have been a major driver of the strong income growth and reduction in poverty witnessed in EMEs in the past few decades. Despite these benefits, there has recently been a backlash against globalisation and growing support for inward looking policies in many parts of the world. Against this backdrop, this volume takes stock of the EME experience with two facets of globalisation-trade and migration. It summarises different country experiences with regard to the aggregate as well as distributional consequences. In doing so, it highlights several examples and avenues for policy action to continue to harness the benefits of globalisation while limiting the costs.
Cross Border Payments Integration In Latin America And The Caribbean
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Author : Dimitris Drakopoulos
language : en
Publisher: International Monetary Fund
Release Date : 2024-06-14
Cross Border Payments Integration In Latin America And The Caribbean written by Dimitris Drakopoulos and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-06-14 with Business & Economics categories.
Cross-border payment inefficiencies are a significant barrier to trade both within Latin America and the Caribbean (LAC) and between LAC and other regions. This paper provides a comprehensive review of historical efforts undertaken by various countries within the LAC region to address these challenges. We also explore the potential of recent financial innovations, such as digital currencies and blockchain technology, to enhance cross-border payments. While new technologies do not substitute for prudent and credible macroeconomic policies, leveraging these technologies can help LAC countries reduce transaction costs and times, thus enhancing economic efficiency and fostering deeper regional and global trade relationships.