Program
Workshop on “Currency Hierarchy”
Lecturers: Prof. Luiz Fernando de Paula (Universidade Federal do Rio de Janeiro)
Prof. Daniela Prates (UNCTAD)
Prof. Barbara Fritz (FU Berlin)
Dr. Steffen Murau (Global Climate Forum / FU Berlin)
Date: 9-10.07.2026
Location: Freie Universität Berlin, Room 202, Rüdesheimer Str., 14195 Berlin
I. Description:
The workshop introduces the concept of Currency Hierarchy as a hierarchical arrangement of currencies within the global monetary system. The program brings together theoretical, conceptual, historical and empirical perspectives to deepen our understanding of global inequalities stemming from the global monetary and financial sphere. We will provide a theoretical introduction, with a focus on the policy implications for subordinate currencies and an overview of its features across different periods. Second, we will give an overview of related theoretical concepts and how these are connected. Third, we will go into the implications for different country groups, especially emerging market and frontier market economies. We will also provide different ways to use balance sheet analysis to examine global monetary and financial inequalities, with a view to showing the usefulness of the concept of interlocking balance sheets as a tool for assessing recent shifts in the global monetary and financial system.
II. Participation requirements:
- Participation is only possible with prior registration. Please register by June 10, contacting carmen.marull@fu-berlin.de. Space is limited, so early registration is recommended.
- All participants are expected to read the mandatory reading.
- Participants presenting their PhD projects are required to upload their exposé (max. 15 pages) and a video-presentation (20 minutes long) by July 1.
- All materials are available here.
III. Mandatory reading:
IV. Detailed Workshop schedule
Day 1: 9.07.2026
9:30 – 10:30 Currency Hierarchy: Paradigmatic Embedding
Barbara Fritz (FU Berlin)
Reading: Paula, L. F. de et al. (2026), ch. 1: Theoretical foundations and historical perspectives (p. 6-30)
10:30 – 10:45 Coffee Break
10:45 – 12:15 Currency Hierarchy: periodization, concept, and expansion
Luiz Fernando de Paula (Universidade Federal do Rio de Janeiro)
Reading: Paula, L. F. de et al. (2026), ch. 1: Theoretical foundations and historical perspectives (p. 6-30); and ch.2: Currency hierarchy: the concept and implications for the policy space for peripheral countries
12:15 – 13:15 Lunch break
13:15 – 14:45 Expanding global financial integration at the periphery: the rising peril for frontier market economies
Daniela Prates (UNCTAD)
Reading: Paula, L. F. de et al. (2026), ch. 3 and 4 (p. 57-105)
14:45 – 15:00 Coffee Break
15:00 – 16:30 Monetary Architecture: Interlocking Balance Sheet Analysis
Steffen Murau (Global Climate Forum and FU Berlin)
Reading: Murau, S., Pape, F., & Pforr, T. (2023). International monetary hierarchy through emergency US-dollar liquidity: A key currency approach. Competition & Change, 27(3-4), 495-515.
and
Murau, Steffen and Pape, Fabian and Pforr, Tobias, The Hierarchy of the Offshore US-Dollar System. On Swap Lines, the FIMA Repo Facility and Special Drawing Rights (February 2021). Boston University, Global Development Policy Center, Global Economic Governance Initiative, GEGI Study, Boston, MA. https://doi.org/10.48440/iass.2021.005
Day 2: 10.07.2026
Discussion of PhD Projects
9:00 – 9:30 Seda Adsoy – “Currency hierarchy and the heterogeneous transmission of ECB monetary policy to the Global South“
9:30 – 10:00 Marla Schiefeling - "The Real Price of Financial Instability: Foreign Reserve Accumulation in the Global Periphery under Balance-of-Payments Constraints
10:00 – 10:30 Tássia Kastner – “Pix and the expansion of credit cards: an over-lending investigation“
10:30 – 10:45 Coffee Break
10:45 – 11:15 Gerrit Schröter – "Monetary Hierarchies and Regional Liquidity: A Mixed-Methods Analysis of the RBI's Multi-Currency Swap Lines within SAARC"
11:15 – 11:45 Jordi Schröder Bosch – “Putting the dominant currency paradigm to the test: The impact of monetary policy shocks on trade flows“Marla Schiefeling - "The Real Price of Financial Instability: Foreign Reserve Accumulation in the Global Periphery under Balance-of-Payments Constraints
11:45 – 12:00 Final remarks