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 … alone is insufficient to challenge the network externalities supporting vehicle currencies, but scope exists for the euro to …

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 … mix of their debt issuance depending on the relative borrowing cost between dollar and euro debt. In sum, the …

the Canadian USD and the Euro; (iii) oil price shocks play a particularly important role for the Canadian USD (an oil …