GRI has an important role to play in analyzing and highlighting these risks and keeping us focused on what may be coming down the road. Risks from climate change Finally, let me say a few words about a longer-term risk that is accelerating—the impact of climate change and the transition to a low-carbon economy.
On the other hand, as the share of US exports invoiced in US dollars is 97%, an appreciation of the US dollar exchange rate may trigger expenditure switching in the rest of the world away from US towards domestic goods. Overall, the spillovers from a tightening US monetary policy to output growth through expenditure switching are thus expansionary.