economies (EMEs) on configurations between the US dollar, the euro and the yen. Given the difficulty that fixed or managed US … the appreciation of the euro against the US dollar in recent years. Interestingly, EME policy-makers appear to have become …This paper analyses the impact of the shift away from a US dollar focus of systemically important emerging market …

a special emphasis on the first year of the euro. A contribution is made as to how to measure these roles, both from the … measures are presented, including euro aggregates calculated up to five years back in time. The data allow for the … identification of changes in the role of the euro (or other main currencies) during 1999 compared to the aggregate of euro …

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 …

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 … sudden stops in Asia and Latin America, while the euro is a better hedge for sudden stops in Emerging Europe. We reproduce …

economies (EMEs) on configurations between the US dollar, the euro and the yen. Given the difficulty that fixed or managed US … the appreciation of the euro against the US dollar in recent years. Interestingly, EME policy-makers appear to have become …This paper analyses the impact of the shift away from a US dollar focus of systemically important emerging market …

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

volatility risk, for dollar, euro and pound rates at a daily frequency, between October 1998 and August 2006. The measurement of … structure, more evident for dollar and euro rates than for pound rates. The volatility risk premium is strongly changing through …. The latter induce more sizeable changes on compensation for volatility risk of dollar rates than of euro or pound rates …

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 …