Third Conference on the International Roles of the U.S. Dollar

May 20, 2024

The Federal Reserve Board and the Federal Reserve Bank of New York are jointly organizing the 3rd conference on the International Roles of the U.S. Dollar on May 20 and 21, 2024, in Washington, DC. The conference will feature a keynote address by Stijn Claessens (Former Head of Financial Stability Policy at the Bank for International Settlements), panel discussions, and paper presentations with discussants. This year's conference will center around understanding the drivers, consequences, and policy implications of the international roles of the dollar, with an emphasis on the following areas:

The roles of the U.S. dollar in global payment systems and international financial transactions, addressing how evolving and new payment systems impact cross-border transactions, the speed of flows, and dollar funding liquidity.
With an increased role of tokenization and new ways to make payments, research that informs emerging frictions that could change U.S. dollar usage, dollar credit conditions and dollar financial markets functioning.
The role of the U.S. dollar as a safe-haven currency: As geopolitical risks increase, work on the liquidity and safe-haven status of U.S. dollar-denominated securities, and on the implications of new payment technologies and digital assets for this status.
The policy toolkit and roles of the U.S. dollar: How monetary policy regimes, central bank dollar facilities, prudential regulations, and capital flow management tools engage with the U.S. dollar's roles in international trade and finance and as a reserve currency.
Financial institutions and financial markets: U.S. dollar activities and evolving roles of bank and nonbank financial institutions in international financial markets, including in funding markets, foreign exchange derivatives and offshore financial centers.

Event Details

Date & Time
May 20-21, 2024

Location
Washington, D.C.

Audience
This event is in-person, and attendance is by invitation only.

Media
The event is open to the media and on the record. Media who wish to attend should contact media@frb.gov.

Contact
For logistical inquiries, please contact dollar-conference@frb.gov.

Agenda

	Monday, May 20, 2024
8:30am	Registration and Continental Breakfast
9:00am	Welcoming Remarks Chair: Beth Anne Wilson (Federal Reserve Board) Christopher J. Waller, Governor, Federal Reserve Board
9:20am	Session 1: Global Investors Session Chair: Alain Chaboud (Federal Reserve Board) Which Exchange Rate Matters to Global Investors? Presenter: Kristy Jansen (University of Southern California Marshall) Discussant: Alexandra Tabova (Federal Reserve Board)
10:10am	Coffee Break
10:30am	Session 2: Geoeconomics and the U.S. dollar Session Chair: Juan M. Londono (Federal Reserve Board) The Dollar in an Era of International Retrenchment Presenter: Ryan Chahrour (Cornell University) Discussant: Chris Clayton (Yale University)
11:20am	Drivers of Dollar Share in Official Foreign Exchange Reserves Presenter: Linda Goldberg (Federal Reserve Bank of New York) Discussant: Menzie Chinn (University of Wisconsin Madison)
12:10pm	Lunch
1:00pm	Panel: Global Payment Systems and International Implications Moderator: Michelle Neal, Federal Reserve Bank of New York Tobias Adrian (International Monetary Fund) Morten Bech (Bank for International Settlements) Joyce Chang (JP Morgan) Wenxin Du (Columbia University)
2:30pm	Coffee Break
3:10pm	Session 3: Dealer risk Session Chair: Ricardo Correa (Federal Reserve Board) Dealer Risk Limits and Currency Returns Presenter: Hillary Stein (Federal Reserve Bank of Boston) Discussant: Amy Wang Huber (University of Pennsylvania)
4:20pm	Keynote Address Stijn Claessens (Yale University)

	Tuesday, May 21, 2024
8:30am	Registration and Continental Breakfast
9:00am	Session 4: Swap Lines Session Chair: Linda Goldberg (Federal Reserve Bank of New York) Dollar Shortages, CIP Deviations, and the Safe Haven Role of the Dollar Presenter: Scott Davis (Federal Reserve Bank of Dallas) Discussant: Ozge Akinci (Federal Reserve Bank of New York)
9:50am	The High Frequency Effects of Dollar Swap Lines Presenter: Moritz Lenel (Princeton University) Discussant:Anusha Chari (University of North Carolina)
10:40am	Coffee Break
11:10am	Session 5: Financial intermediary risk and payment systems Session Chair: Fabiola Ravazzolo (Federal Reserve Bank of New York) Payment-vs-payment bank settlement systems Presenter: Angelo Ranaldo (St. Gallen University)
12:30pm	Closing Remarks Stephanie Curcuru, Federal Reserve Board
12:40pm	Adjourn – Box lunch

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