estimate a weight on the preceding year's currency share around .9). The advent of the euro …euro. This paper econometrically estimates determinants of the shares of major currencies in the …gap between the dollar and euro over the period 1999-2004. Whether the euro might in the future …

dollar, the euro, or the yen. Although there appear to be reasonably well-defined euro and dollar areas, there does not seem …

article, we provide evidence suggesting a recent rise in the use of the dollar, and fall of the use in the euro, with similar …

Foreign exchange reserve accumulation has risen dramatically in recent years. The introduction of the euro, greater … 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 …

currencies for much of the world. Our discussion encompasses the history of anchor currency choice, methods for classifying …

bonds, greater risk-bearing capacity in the U.S. than the rest of the world, and nominal rigidities. A flight to safety …

exorbitant privilege, spillovers of the U.S. monetary policy to the rest of the world, and the dollar as a global risk factor. In …

the presumption that the pound sterling continued to dominate the U.S. dollar in central bank reserves until after World … our understanding of interwar monetary history but also for the prospects of the dollar and the euro as reserve currencies …