estimate a weight on the preceding year's currency share around .9). The advent of the euro …persists into the future the euro may surpass the dollar as leading international reserve currency …rival or surpass the dollar as the world's leading international reserve currency appears to depend on …

The euro has arisen as a credible eventual competitor to the dollar as leading international currency, much as the … major currencies in the reserve holdings of the world's central banks. Significant factors include: size of the home country …'s currency share around .9). The equation correctly predicts out-of-sample a (small) narrowing in the gap between the dollar and …

Using new data on currency invoicing for Belgian firms, we analyze how firms make their currency choice, for both … staggered price setting with endogenous currency choice. Our structural specification provides a new test of the allocative … consequences of nominal rigidities, by estimating the treatment effect of foreign-currency price stickiness on the dynamic response …

This paper provides an historical perspective on reserve currency competition and on the prospects of the dollar as an … international currency. It questions the conventional wisdom that competition for reserve-currency status is a winner-take-all game … it even more likely that they will do so in the future. It suggests that the dollar and the euro are likely to share this …

The modern notion of an international currency involves use in areas of international finance and trade that extend … article, we provide evidence suggesting a recent rise in the use of the dollar, and fall of the use in the euro, with similar … patterns manifesting across all these aspects of international currency use …

interest rate in response to inflation and either the output or the unemployment gap, for the euro/dollar exchange rate with …

currencies. Making various assumptions on expected currency returns and the variance-covariance structure, we assess how the euro …-free) currency. (ii) The optimum portfolios show a much lower weight for the euro than is observed. This suggests that the euro may … currency peg, would all work towards raising the optimal euro shares, with the last factor being quantitatively the most …

economic factors. We also find that TARGET2 balances matter for the currency composition in the euro zone; commodity … effects induced by Euro/USD exchange rate changes diminish the significance of the GFC in explaining the currency composition …This paper examines determinants of the international reserves (IR) currency composition before and after the Global …