The Hierarchy of the Offshore US-Dollar System. On Swap Lines, the FIMA Repo Facility and Special Drawing Rights

Steffen Murau, Fabian Pape & Tobias Pforr
The view that the international monetary system is hierarchical has become increasingly common in International Political Economy (IPE) scholarship. However, the nature, shape and origin of this hierarchy remain often vague. Is it a hierarchy of currencies, states, or monetary jurisdictions? What determines hierarchy empirically? And what are its causes? This study conceptualizes international monetary hierarchy by focusing on different mechanisms to supply emergency US-Dollar (USD) liquidity from the Federal Reserve (Fed) to non-US central...
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