importer's currency has important implications for the transmission of shocks. We introduce this "dominant currency pricing … a non-US economy that alters the value of its currency multilaterally, expenditure-switching occurs only through imports … dominant currency in global trade. According to ECB-Global, in such a scenario the global spillovers from US shocks are smaller …

-2003, attempting to understand motives for issuing in foreign currency, and determinants for the choice of currency. We consider the … following influences on the currency choice when issuing foreign currency denominated debt: the microeconomic characteristics of … addition to cost minimisation, hedging motives and the desire to establish an investor base influences the choice of currency …

stability of invoicing currency patterns. But the evidence also points to several novel stylised facts. First, both the US … the euro area has declined. Second, the euro is used as a vehicle currency in parts of Africa, and some European countries … have seen significant shifts toward euro invoicing. And third, as suggested by the dominant currency paradigm, countries …

115 countries over 1999-2019. We find that standard mechanisms that foster use of a large economy's currency predicted by … theory - i.e. strategic complementarities in price setting and integration in cross-border value chains - underpin use of the … currency. Fundamentals and policies have played a contrasted role for the use of the renminbi. We find that China's integration …