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Here's a picture of the RMB's role as a reserve and vehicle currency, from an ongoing project with Jeffrey Frankel and Hiro Ito, where we examine the determinants of individual central bank reserve holdings. Figure 1: Simple average of holdings of RMBs among central banks reporting RMB holdings in Ito-McCauley database (blue), average holdings of […]

The United Kingdom's share of world exports of manufactures to other countries fell by over a third between 1954 and 1966—from 20.9 per cent to 13.1 per cent. This loss of share represents a loss of exports of some £2,450 million in 1966. Moreover United Kingdom exports rose rather more slowly in the second half of the period than in the first, while in world exports there was a slight acceleration.

ABSTRACTThe trading relationship between a primary‐producing South and a manufacturing North has dynamic properties of conflict and symbiosis similar to those of the closed‐economy, worker‐capitalist relationship. In a simple model these dynamics may lead to cyclical behaviour involving two variables, the Southern share of world income and the rate of exploitation of primary producing capacity. The rate of change of the terms of trade is also cyclical. Long‐run income shares are constant, however, implying that the Southern terms of trade rise by just enough to offset productivity savings on primary inputs.