Search Results - subject_exact:"Reserve currency"

The US trade deficit and foreign borrowing : how long can it continue?

Bayoumi, Tamim A.; Gagnon, Joseph E. - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015450754

The US dollar and decarbonization : exploring constraints

Driscoll, Daniel - 2025

This research essay explores how US dollar centrality and strength may impede decarbonization. First, I suggest that because US dollar centrality enables higher US household consumption and imports, and US household consumption is comparatively carbon-intensive, centrality can increase per...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015608316

Introducing the foreign exchange reserve demand : inflation buffer hypothesis

Oman, Omar - 2025

This paper examines the role of foreign exchange reserve demand in mitigating inflationary pressures resulting from money supply growth in reserve currency issuing states (RCISs). Despite recurrent substantial monetary expansions in RCISs in response to recessions such as the 2000 Post-Dot Com...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015376936

How do the reserve currency and uncertainties in major markets affect the uncertainty of oil prices over time?

Kocaarslan, Baris; Soytaş, Uǧur - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015375571

Triffin reloaded : the matrix of contradictions around global quasi-state money

Schwartz, Herman M. - 2024

What explains the US dollar's role in the global economy and the tensions affecting its likely persistence? Most analyses start from Triffin's dilemma, which accurately captured specific but partial tensions of a global monetary system based on essentially fixed exchange rates, gold backing for...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014631644

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Triffin reloaded: The matrix of contradictions around global quasi-state money

Schwartz, Herman M. - 2024

Book / Working Paper

Will the Chinese renminbi replace the US dollar?

Pettis, Michael - 2024

This article makes three related points. First, for China to upend the dominance of the US dollar and replace it, even partially, with the renminbi would require major - and probably disruptive - changes in China’s financial markets and monetary policies. Second, the end of US-dollar dominance...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014485399

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Will the Chinese renminbi replace the US dollar?

Pettis, Michael - 2022

Article

A descriptive analysis of the variables that determine a currency's potential status as a reserve currency

Trikounaki, Antonia; Atsalakis, Georgios - 2024

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015418911

Dollarisation waves: new evidence from a comprehensive international bond database

Pradhan, Swapan-Kumar; Prasad, Eswar S.; Takáts, Előd; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015609559

Dollar dominance and the transmission of monetary policy

McLeay, Michael; Tenreyro, Silvana - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015614188

The under-theorisation of dollar dominance

Lysandrou, Photis - 2026

The recent period has seen an upsurge in predictions that the dollar's international dominance will at some point be challenged by a rival currency, notably the euro. This paper counters these predictions. It argues that the overestimation of the euro's ability to challenge dollar dominance is...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015596357

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The under-theorisation of dollar dominance

Lysandrou, Photis - 2025

Book / Working Paper

International currency dominance

Abadi, Joseph; Fernández-Villaverde, Jesús; Sanches, … - 2026

We present a micro-founded monetary model of the world economy to study international currency competition. Our model features "unipolar" equilibria, with a single dominant international currency, and "multipolar" equilibria, in which multiple currencies circulate internationally. Long-run...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015590749

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International currency dominance

Abadi, Joseph; Fernández-Villaverde, Jesús; Sanches, … - 2026

Book / Working Paper

International Currency Dominance

Abadi, Joseph; Fernández-Villaverde, Jesús; Sanches, … - 2026

Book / Working Paper

International currency dominance

Abadi, Joseph; Fernández-Villaverde, Jesús; Sanches, … - 2025

Book / Working Paper

The under-theorisation of dollar dominance

Lysandrou, Photis - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015596357

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The under-theorisation of dollar dominance

Lysandrou, Photis - 2025

Book / Working Paper

International currency dominance

Fernández-Villaverde, Jesús; Sanches, Daniel; Abadi, … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015604348

U.S. dollar dominance in trade invoicing and cross-border investments in SEACEN economies

2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015621542

Evolution and challenges of the yuan's internationalisation

Kaaresvirta, Juuso; Kerola, Eeva; Nuutilainen, Riikka - 2026

This paper examines recent developments in the internationalisation of the Chinese yuan, focusing on trade and portfolio flows, foreign exchange markets, cross‑border payments, and official reserve holdings. The promotion of the yuan's global role has been a deliberate policy objective for...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015626511

Determinants of the international use of currencies : implications for US dollar dominance

Itō, Hiro; Kawai, Masahiro - 2026

The US dollar (USD) has long been the dominant international currency. The euro (EUR), UK pound (GBP), Japanese yen (JPY), and other advanced economy (AE) currencies have played complementary roles to the USD as international currencies, while emerging market and developing economy (EMDE)...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015628673

U.S. dollar dominance and the role of local currency settlement framework : evidence from Thai exports

Mintrapan Chaeng-lum; Nuwat Nookhwun; Jettawat … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015641734

Outlook and challenges for local currency transactions : an analysis of the trend toward dedollarization, centered on Asia

Tomizawa, Katsuyuki; Shimizu, Junko - 2026

Since the late 2010s, rising geopolitical tensions-particularly between the United States and the People's Republic of China (PRC)-have begun to affect currency choices in trade and investment across Asia. Although the US dollar remains the dominant international currency, emerging economies are...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015669071

Shifting forces behind RMB internationalization : evidence from the 2025 Triennial Survey

Robbert, Juliana; Sushko, Vladyslav; Westermann, Frank - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668251

Dollar dominance: a source of dollar volatility?$Cara Bordier, Lukas Frei, Simon Stalder

Bordier, Cara; Frei, Lukas; Stalder, Simon - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015672519

The network drivers of trade currency invoicing

Mancini Griffoli, Tommaso; Greiner, Christopher; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016060059

Openness, integration, and the international monetary order

Hassan, Tarek A.; Mertens, Thomas; Wang, Jingye; Zhang, Tony - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016083228

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Openness, Integration, and the International Monetary Order

Hassan, Tarek A.; Mertens, Thomas; Wang, Jingye; Zhang, Tony - 2026

Book / Working Paper

Openness, integration, and the international monetary order

Hassan, Tarek A.; Mertens, Thomas; Wang, Jingye; Zhang, Tony - 2026

Book / Working Paper

Renminbi invoicing under dollar dominance : evidence on inertia, institutions, and policy

Shimizu, Junko; Tomizawa, Katsuyuki - 2026

This paper examines the conditions under which renminbi invoicing has expanded despite the continued dominance of the United States (US) dollar in international trade. Using IMF trade invoicing data for 70 economies from 2016 to 2023, as reported by Boz et al. (2025), we show that RMB invoicing...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016070479

Der Euro als internationale Leitwährung : ökonomische Bedingungen und politische Voraussetzungen

Hüther, Michael; Demary, Markus; Fremerey, Melinda; … - 2026 - Stand: August 2026

Die internationale Währungsordnung befindet sich in einer Phase des strukturellen Umbruchs, die durch geopolitische Spannungen, handelspolitische Fragmentierung und nationale Selbstgenügsamkeit der USA geprägt ist. Das exportbasierte europäische Geschäftsmodell steht massiv unter Druck....

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016083920

Analysis of the imperial rent of reserve currency : a manifestation of existence and a method of quantity estimation

Osman, Omar - 2023

This article provides an analysis of the economic cost incurred by the world through the use of the fiat international reserve currency since the end of the 1971 gold standard system. The article uses the Quantity Theory of Money to provide an empirical manifestation of how reserve currency...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014434280

What Drives Money Competition : Comparative Advantage in Payments versus Reserves

Goldstein, Itay; Yang, Ming; Zeng, Yao - 2026

We study competition between monies that provide separate payment and non-payment (e.g., store-of-value) functions. Our central insight is that payment adoption is governed not by absolute payment superiority, but by comparative advantage between payment and non-payment roles. A money that is...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015611169

Drivers of Dollar Share in Foreign Exchange Reserves

Goldberg, Linda S.; Hannaoui, Oliver - 2026

The share of US dollar assets in the official foreign exchange reserve portfolios of central banks, at times, is taken as an indicator of the dollar's global status. We provide a decomposition that shows two distinct channels contributing to the changes in the dollar share of reserves aggregated...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015611192

Sustainability of the currency board in Bosnia and Herzegovina in the conditions of a negative interest rate on the reserve currency

Tomaš, Rajko - 2023

The Currency Board in Bosnia and Herzegovina (BiH) uses the euro as a reserve currency in the conditions of a negative nominal interest rate on deposits with the ECB. In this paper, we investigated the impact of negative interest rates on deposits and negative yields on bonds denominated in euro...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014312325

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Sustainability of the currency board in Bosnia and Herzegovina in the conditions of a negative interest rate on the reserve currency

Tomaš, Rajko - 2023

Article

Financial risk identification and control in the openness context : a system dynamics approach to Renminbi Internationalization

Zhang, Lei; Zhou, Junhu; Zang, Yuyu - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015324159

Dollarization Waves : New Evidence From a Comprehensive International Bond Database

Pradhan, Swapan-Kumar; Prasad, Eswar S.; Takáts, Előd; … - 2026

We investigate how the U.S. dollar's prominence in the denomination of international debt securities has evolved in recent decades, using a comprehensive global dataset with far more extensive coverage than datasets used in prior literature. We find no monotonic dollarization or de-dollarization...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015626271

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Dollarization waves : new evidence from a comprehensive international bond database

Pradhan, Swapan-Kumar; Prasad, Eswar S.; Takáts, Előd; … - 2025

Book / Working Paper

Sveriges Riksbank's foreign exchange reserve, 1823-2023

Ingman, Gustav - 2025

Recently, there has been increasing research interest in the historical composition of central bank reserves. However, studies in this area is hindered by a lack of data, as such data spanning multiple centuries is only available for a small number of countries. This paper presents an empirical...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015337582

Decoupling Dollar and Treasury Privilege

Du, Wenxin; Keerati, Ritt; Schreger, Jesse - 2026

We document a strong decoupling between the convenience yield on the U.S. dollar and U.S. Treasuries. We measure the convenience of the U.S. dollar using covered interest parity (CIP) deviations between risk-free bank rates, such as secured overnight rates since the benchmark reform. In...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015626329

The international role of the euro and the evolution of the global monetary system

Guerrieri, Paolo; Padoan, Pier Carlo - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643293

How has the Renminbi's role in non-USD currency markets evolved after COVID-19? : an analysis based on spillover effects

Lu, Changrong; Yu, Fandi; Li, Jiaxiang; Zheng, Guanghong; … - 2025

Global uncertainty and the COVID-19 pandemic have significantly impacted the integration of emerging economies into global financial markets. Post-pandemic, the Federal Reserve's interest rate hikes have drawn investor attention to relatively independent and stable currencies. This study...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015338388

Financial sanctions and the share of US dollar in global reserve currencies : evidence from the Least Absolute Shrinkage and Selection Operator (LASSO) model

Sanusi, Aliyu R.; Mamman, Suleiman O.; Iliyasu, Jamilu; … - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015195250

Kenneth Rogoff's Our Dollar, Your Problem

Boskin, Michael J. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015651383

Reserve currency in jeopardy?

Estevão, Marcelo M.; Goldberg, Linda S.; Obstfeld, Maurice - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015651386

Is the dollar era over?

Ilzetzki, Ethan; Grzana, Marta - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015464720

Dominance in transition? : the future of the dollar and the euro

2025

This paper examines the persistence and challenges of dollar supremacy in the international monetary system, from Bretton Woods to digital stablecoins. It highlights structural supports for dollar dominance, such as deep U.S. financial markets and commodity pricing, but also explores...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015465631

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Dominance in transition? : the future of the dollar and the euro

2025

Book / Working Paper

Geopolitical Fragmentation, Sovereign Debt, and Dollar Dominance

Benguria, Felipe; Rojas, Eugenio; Saffie, Felipe - 2026

Countries borrow in dollars because dollar debt markets are deep and liquid. This paper develops a theory of when that dominance becomes fragile because countries have inherited dollar liabilities but increasingly earn yuan-linked revenues. In the model, countries begin with dollar-denominated...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015654036

Dollar dominance and international spillovers of US financial shocks

Son, Minkyu - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015466066

The path to currency internationalization : insights from the Chinese renminbi

Son, Minkyu - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015574525

Trading around geopolitics

Corsetti, Giancarlo; Demir, Banu; Javorcik, Beata K. … - 2025

Geopolitical fragmentation triggers complex dynamics in international trade. This paper examines the effects of sanctions through the lens of a stylized model and the empirical analysis of Türkiye’s exports to Russia in the aftermath of Western measures imposed on Russia following its...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015434402

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Trading around geopolitics

Corsetti, Giancarlo; Demir, Banu; Javorcik, Beata K. … - 2025

Book / Working Paper

Trading around geopolitics

Corsetti, Giancarlo; Demir, Banu; Javorcik, Beata K. … - 2024

Book / Working Paper

Money beyond borders : global currencies from Croesus to Crypto

Eichengreen, Barry - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015636204

Dollar Erosion : Understanding the Loss of Reserve Currency Status

Jiang, Zhengyang; Krishnamurthy, Arvind; Lustig, Hanno; … - 2026

We quantify the impact of the loss of reserve currency status in goods and asset markets. In goods markets, the loss of seigniorage (1% of GDP per annum) makes American households spend less, mostly on U.S. goods, leaving an excess supply of U.S. goods to be cleared by a real depreciation of the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015671168

The international role of the euro : June 2025

2025

This 24th annual review of the international role of the euro presents an overview of developments in the use of the euro by non-euro area residents in 2024. This was a year that saw continuing geopolitical tensions, decreases in policy interest rates and further declines in inflation in the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015431383

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The international role of the euro : June 2025

2025

Book / Working Paper

Moment of the euro? : perceptions of US dollar decline

Hegemann, Hendrik; Wieland, Volker - 2025

This study reviews new perceptions of an imminent decline of the international role of the US dollar and implications for the euro. It considers developments in international reserves, invoicing, debt and payment systems. Strengths and weaknesses of the US and euro area economies are discussed...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015551308

From dollar dominance to dollar discontent

Eichengreen, Barry - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015626813

Global imbalances and power imbalances

Clayton, Christopher; Maggiori, Matteo; Schreger, Jesse - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015618273

Trade and financial channel of the exchange rate with dollar dominance : is export growth elusive?

Neopane, Abyaya - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015482906