. For the flow of international bond and note issuance it has even slightly overtaken the US dollar in the second half of …

This paper analyses the impact of the shift away from a US dollar focus of systemically important emerging market … economies (EMEs) on configurations between the US dollar, the euro and the yen. Given the difficulty that fixed or managed US … dollar exchange rate regimes remain pervasive and reserve compositions mostly kept secret, the identification strategy of the …

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 …, a direct reference to the old “German dominance hypothesis” which ascribed to the German mark a dominant role in Europe …

individual countries. The evolution of this aggregate indicator suggests that the US dollar has continuously dominated exchange …

This paper investigates whether, and if so why, the recent ‘Great Recession' was more severe in unofficially dollarised …

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 …

A striking and unexpected feature of the financial crisis has been the sharp appreciation of the US dollar against … triggered a significant strengthening of the US dollar, rather than a weakening. Macroeconomic fundamentals and financial …

traditional portfolio objectives as debt to reserve ratios decrease. We empirically estimate optimal dollar and euro shares for 24 … reserve ratios, introducing transactions demand has a elatively modest effect. We also find that euro and dollar bonds act as … qualitatively the recent decline in the share of the dollar in emerging market reserves and find that the denomination of foreign …

This paper analyses the impact of the shift away from a US dollar focus of systemically important emerging market … economies (EMEs) on configurations between the US dollar, the euro and the yen. Given the difficulty that fixed or managed US … dollar exchange rate regimes remain pervasive and reserve compositions mostly kept secret, the identification strategy of the …