dominance of the US dollar and potential challenges from the Chinese renminbi and BRICS countries. It reviews recent literature …-dollarization. The studies reviewed sug- gest that while no currency or coalition poses an imminent threat to the US dollar's dominance …

the US dollar exchange rate across eight advanced economies from 1980 to 2022. We find that shocks to inflation … expectations, which are closely tied to unfunded government transfer payments, have a pronounced effect on the US dollar’s value … to hold US dollar assets, have emerged over time as the most powerful driver of US dollar exchange rate fluctuations …

between US dollar cycles, sectoral debt levels and growth, and economic activity. Among developed EMEs, higher expected … household debt growth magnifies the impact of US dollar fluctuations on economic activity, with significant but less persistent …