This blog is based on a presentation made by Jeffrey Frankel at the SEACEN Policy Summit 2026: The Future of the International Monetary System and the Role of Asia (5– 6February 2026). The Dollar’s Legacy and Its “Exorbitant Privilege” The U.S. dollar supplanted the British pound as the dominant international currency in the 20th century. […]
Author Archives: Nur Ain Shahrier
Macroeconomics and Monetary Policy
When Banks and Insurers Move Together: Why Systemic Risk Lives in the Tails?
19
Jan
Jan
Why bank–insurance linkages matter more than ever? The global financial system no longer operates in silos. Over the past two decades, a significant convergence has occurred: banks have expanded into insurance and asset management, while insurers have deepened their presence in capital markets through corporate bonds, private equity, derivatives, and structured products (Bernardi & Petrella, […]
Macroeconomics and Monetary Policy
Not All Fiscal Cuts Are Created Equal: Why Fiscal Multipliers Matter for Central Banks?
05
Dec
Dec
1. Introduction: Why Fiscal Multipliers Matter for Central Banks? As of September 2025, global public debt soared to $251 trillion, roughly 235% of world GDP (IMF, 2025). Across Asia, governments are under pressure to tighten their budgets to ensure debt sustainability. However, for central banks charged with safeguarding economic and price stability, how those fiscal […]