centralbanks in reserve currency-issuing countries. Third, in appraising the evolution of relatedvulnerabilities since the crisis …

We isolate a U.S. dollar currency premium by comparing corporate bonds issued in the dollar and the euro by firms o … without a currency hedge and about the same with a currency hedge when compared to the euro. This observed parity in currency … short maturities, attributes similar to those of safe sovereigns. Finally, we find that firms flexibly adjust the currency …

these do not display a uniform importance across currency pairs and time, and some are associated with possible temporary …

accompanied by an increase in the shares of the pound sterling, yen and euro, other long-standing reserve currencies and units …

) not all crises are equal: evidence for repatriation during banking and currency crises is more limited; and (iii) the …

In contrast to the early-warning system literature, we find that currency and debt crises are not closely linked in … emerging markets. We find that after 1994, credit ratings predict debt crises but fail to anticipate currency crises. When debt …

in how the currency composition of reserves is derived …