Robert McCauley
Non-resident Senior Fellow
Boston University Global Development Policy Center
Biography
Robert McCauley is Non-resident Senior Fellow at the Boston University Global Development Policy Center. He holds a PhD in Economics from Harvard University and previously served as Senior Adviser at the Bank for International Settlements (BIS) from 1999 to 2016.
McCauley's career spans central banking, international finance, and academic research. During his tenure at the BIS, he conducted influential research on global banking, foreign exchange markets, and international monetary systems. His work has contributed to understanding offshore financial markets and their role in global finance.
He has authored numerous publications on international banking, exchange rate policy, and financial globalization. His current research focuses on the international monetary system, Asian financial markets, and the evolution of global banking networks.
Publications
Dollar debt in FX swaps and forwards: huge, missing and growing
Reveals a massive "hidden" dollar debt market through FX derivatives worth approximately $60 trillion. Demonstrates how this off-balance-sheet funding creates systemic vulnerabilities and challenges traditional views of international capital flows.
Breaking free of the triple coincidence in international finance
Challenges the assumption that GDP boundaries, decision-making units, and currency areas coincide. Shows how this "triple coincidence" misleads analysis of international capital flows and exchange rate dynamics in a world of global finance.