Foreign exchange reserve accumulation has risen dramatically in recent years. The introduction of the euro, greater … increased the pressure on central banks to diversify away from the US dollar. A major portfolio shift would significantly affect … exchange rates and the status of the dollar as the dominant international currency. We develop a dynamic mean …

This paper offers new evidence on the emergence of the dollar as the leading international currency, focusing on its … role as currency of denomination in global bond markets. We show that the dollar overtook sterling much earlier than … commonly supposed, as early as in 1929. Financial market development appears to have been the main factor helping the dollar to …

We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries … using high-frequency bond yield data for France, Germany, Italy and Spain. We find that Economic and Monetary Union (EMU …) has led to substantial convergence in euro area sovereign bond markets in terms of interest rate levels, unconditional …

moving the US dollar, yen and euro in the intended direction at horizons of up to three months after G7 meetings, but not at …

Will EMU accelerate or retard structural reform in labour and product markets? The theoretical literature is ambiguous …. New descriptive evidence provided in this paper suggests that euro-area countries have made relatively good progress in … structural reform. However, it is much less clear whether progress can be ascribed to EMU membership. To explore further the …

among euro area countries have increased due to the catalyst effect of EMU. Country's shares in the world market portfolio … investors preferred portfolio assets of countries where the central bank gave relative importance to money. As for EMU, once …, home bias, initial degree of misallocation across countries, past returns, diversification benefits and EMU can explain 35 …

economies (EMEs) on configurations between the US dollar, the euro and the yen. Given the difficulty that fixed or managed US … have a statistically but also an economically significant impact on the euro, and to a lesser extent the yen against the US … the appreciation of the euro against the US dollar in recent years. Interestingly, EME policy-makers appear to have become …

This paper assesses whether the international monetary system is already tripolar and centred around the US dollar, the … euro and the Chinese renminbi (RMB). It focuses on what we call China’s “dominance hypothesis”, i.e. whether the renminbi …

-known ranking for the leading currencies – in particular the US dollar and the euro – but give considerably greater weight to …

general, the US dollar remains the major foreign currency used by Russian residents, the euro has gained importance as an … last two waves of EU enlargement have had on Russia, as well as the role of the euro in Russia. The analysis suggests that … euro by Russian residents and authorities in international transactions has increased, albeit at an uneven pace. While, in …