International Liquidity in a Multipolar World
指出全球货币金融体系仍高度依赖美元提供国际流动性，但随着新兴市场崛起，美国提供安全资产的能力将无法满足增长的国际交易需求，预计欧洲和中国等经济体将加入，其他货币将分享美元储备货币地位。
Today's global monetary and financial system, to a remarkable extent, continues to rely on the U.S. dollar for international liquidity. This reflects the currency's historic role, the liquidity of American financial markets, and the absence of alternatives. But with the emergence of emerging markets, the capacity of the United States to provide safe assets will be outstripped by the growth of international transactions. It is thus likely that other large economies, presumably Europe and China, will eventually join the United States as sources of international liquidity and that other currencies will come to share the dollar's reserve-currency status.