stability of invoicing currency patterns. The evidence also points to several novel facts. First, both the US dollar and the … 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. Third, as suggested by the dominant currency paradigm, countries invoicing more in US …

This paper examines opposing views on the euro''s challenge to the dollar as an international currency. One view … also show the euro has significantly overtaken the legacy currencies as a reserve currency. Generally, large economic size … advance as an international store of value. The paper discusses the euro''s medium-term prospects …

During long periods of history, countries have pegged their currencies to an international standard (such as gold or … optimal allocations. Implications for a currency union in Europe are discussed …

The paper shows how-in a Merton-type model with bankruptcy-the currency composition of debt changes the risk profile of … a company raising a given amount of financing, and thus affects the cost of debt. Foreign currency borrowing is cheaper … ""natural hedges"" of their foreign currency exposures …

in statistical estimates of international capital flows and monetary aggregates. We examine a variety of measurement …

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 …

arrangements between central banks and international reserve holdings. Thus, these vulnerabilities should be monitored and, to the …