markets have developed sufficiently to facilitate the emergence of the euro as a reserve currency on par with the US dollar …. We find that the liquidity and breadth of euro financial markets are fast approaching those of dollar markets, and as a … result the euro is eroding some of the advantages that have historically supported the pre-eminence of the US dollar as a …

-rate borrowers, while the linkage between onshore and offshore dollar money markets weakened. In terms of quantities, US … also redistributed dollar intermediation to non-US banks that continue to rely on wholesale funding. The implication for …

This paper provides new evidence on the rise of the dollar as an international currency, focusing on its role in the … conduct of trade and the provision of trade credit. We show that the shift to the dollar occurred much earlier than … role as market maker - was important for the dollar's overtaking of sterling as the leading international currency. On …

. We present new results on the growth of foreign currency credit, especially US dollar credit, as a transmission mechanism …. Restrained growth of dollar credit in Korea contrasts with very rapid growth on the Chinese mainland and in Hong Kong SAR. …

Republic, Hungary, Poland, Slovakia and Slovenia - and the euro area in terms of differences in productivity growth between …-à-vis the euro area. Productivity differentials also explain only a small proportion of domestic inflation in central European … of productivity differentials on inflation relative to the euro area, focusing instead only on their impact on domestic …

The advent of the euro has eroded many of the barriers that segmented the European corporate bond market along currency … combining their purchasing of commercial and investment banking services. This paper shows that the arrival of the euro led to a … greater contestability of the investment banking business in the post-EMU European market. Our paper also shows that the …