We document a decline in the dollar share of international reserves since the turn of the century. This decline …, or of changes in coverage of surveys of reserve composition. Strikingly, the decline in the dollar's share has not been … that, along with the dollar, have historically comprised the IMF's Special Drawing Rights. Rather, the shift out of dollars …

involved. For example, the model shows that in response to a dollar appreciation triggered by a US interest rate increase …

We isolate a U.S. dollar currency premium by comparing corporate bonds issued in the dollar and the euro by firms o … in the dollar. First, while the dollar dominates global debt issuance, borrowing costs in the dollar are more expensive … observe a dollar safety premium in relative hedged borrowing costs, found in the subset of bonds with high credit ratings and …

the dollar with economically large magnitude, high statistical significance, and large explanatory power, both in sample …