- [The Dollar Hegemon? Evidence and Implications for Policymakers](https://www.mas.gov.sg/-/media/MAS/EPG/AMPF/2019/AMPF2019---Commissioned-Paper-Slides---Pierre-Olivier-Gourinchas.pdf?la=en&hash=D5528C86314A7CB8FC4DBD7A1D4C16804798CCC5)

**In the short to medium run, the dollar standard is here to stay, however dysfunctional:**

**The transition, when it happens, could be quite sudden.**
As long as the RMB-USD rate remains stable, a dollar anchor could be a shadow RMB
anchor. US dollar anchors could go the way of the UK pound anchors

THE article [The Dollar Hegemon? Evidence and Implications for Policy Makers](https://www.parisschoolofeconomics.eu/IMG/pdf/chaire-bdf-sept-2019-speaker-gourinchas.pdf) Pierre-Olivier Gourinchas

> I argue(d) that for the world economy to be stable, it needs a stabilizer,
> some country that would undertake to provide a market for distress goods, a
> steady if not countercyclical flow of capital, and a rediscount mechanism for
> providing liquidity when the monetary system is frozen in panic. [...]
> Britain, with frequent assistance from France, furnished coherence