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Is the end of the petrodollar near? Atlantic Council. https://www.atlanticcouncil.org/blogs/ econographics/is-the-end-of-the-petrodollar-near/ 7. Rogoff, K. (2003, August 29). Globalization and global disinflation by Kenneth Rogoff, Economic Counselor and Director, Research Department, IMF. International Monetary Fund. https://www.imf.org/en/News/Articles/2015/09/28/04/53/ sp082903 8. International Monetary Fund. (1992, June 15). Report on the measurement of international capital flows. IMF eLibrary. https://www.elibrary.imf.org/display/book/9781557753076/CI.xml 9. Calomiris, C. W., & Neal, L. (2013). History of financial globalization, overview. In G. Captio, Jr., et al (Eds), Handbook of key global financial markets, institutions, and infrastructure (pp. 3–14). https://www.sciencedirect.com/science/article/ abs/pii/B9780123978738000013?via%3Dihub 10. Securities Industry and Financial Markets Association. (n.d.). Shortening the settlement cycle archives. Retrieved September 6, 2024, from https://www.sifma.org/explore-issues/shortening-settlement-cycle/ 11. Dwane, N. (2020, January 24). 20 years into the 21st century, here’s what investors need to know. Allianz Global Investors. https://www.allianzgi.com/en/insights/outlook-and-commentary/20y-into-21-century 12. World Bank Group. (n.d.), World development indicators. Retrieved September 30, 2024, from https://databank. worldbank.org/source/world-development-indicators 13. Crow, A. (2024, July 31). ‘King dollar’ dethroned? USD dominance in an age of geo-economic fragmentation. World Economic Forum. https://www.weforum.org/stories/2024/07/king-dollar-dethroned-usd-dominance-geoeconomic- fragmentation/ 14. Swift. (n.d.). RMB Tracker Document Centre. Retrieved December 19, 2024, from www.swift.com/products/renminbi- tracker/document-centre 15. Zarate, J. C. (2015). Treasury’s war: The unleashing of a new era of financial warfare. PublicAffairs. https://amseif.ir/wp- content/uploads/2018/08/Treasurys-War-Juan-Zarate.pdf 16. Tran, H. (2024, June 21). Is the end of the petrodollar near? Atlantic Council. https://www.atlanticcouncil.org/blogs/ econographics/is-the-end-of-the-petrodollar-near/ 17. Gopinath, G. (2024, June 21). Navigating fragmentation, conflict, and large shocks. International Monetary Fund. https://www.imf.org/en/News/Articles/2024/06/21/sp062124-fdmd-nbu-nbp-annual-research-conference 18. Feingold, S., & Torkington, S. (2024, July 5). Industrial policies are having a moment. Here are 4 examples to explain how they work. World Economic Forum. https://www.weforum.org/stories/2024/07/industrial-policies-geopolitics-economy-government/ 19. Iorio, A. D., Kosse, A., & Mattei, I. (2024, June 14). Embracing diversity, advancing together – results of the 2023 BIS survey on central bank digital currencies and crypto. The Bank for International Settlements BIS Papers. https://www. bis.org/publ/bppdf/bispap147.htm#:~:text=Ninety%2Dfour%20percent%20of%20surveyed,and%20considering%20 different%20design%20features 20. World Economic Forum & Accenture. (2024, April). Modernizing financial markets with wholesale central bank digital currency. https://www3.weforum.org/docs/WEF_Modernizing_Financial_Markets_with_Wholesale_Central_Bank_Digital_ Currency_2024.pdf 21. Kumar, A., Chhangani, A., Lassiter, J., & Haar, K. (2024, April 10). Standards and interoperability: The future of the global financial system. Atlantic Council. https://www.atlanticcouncil.org/in-depth-research-reports/issue-brief/standards-and- interoperability-the-future-of-the-global-financial-system/ 22. Schneider-Petsinger, M. (2020, September 14). Reforming the World Trade Organization: Prospects for transatlantic cooperation and the global trade system. Chatham. https://www.chathamhouse.org/2020/09/reforming-world- trade-organization 23. Hawkins, M. (2024, October 28). Biden finalizes curbs on US investing in China Chip, AI tech. Bloomberg. https://www. bloomberg.com/news/articles/2024-10-28/biden-finalizes-curbs-on-us-investment-in-chinese-chip-ai-tech Navigating Global Financial System Fragmentation 42

Navigating Global Financial System Fragmentation 2025