@article {629683,
	title = {China vs. U.S.: IMS Meets IPS},
	journal = {American Economic Review, Papers and Proceedings},
	volume = {109},
	number = {May},
	year = {2019},
	pages = {476-481},
	abstract = {Currently both the International Monetary System (IMS) and the International Price Systems (IPS) are dominated by the U.S. The emergence of China, both as reserve currency and as a currency of invoicing, is likely to disrupt this status quo. We provide a framework to understand the forces that will shape this transition and identify sources of instability. We highlight the risk of an abrupt shift triggered by a run on the dollar.},
	author = {Emmanuel Farhi and Matteo Maggiori}
}
