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 …

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 …

This paper discusses the evolution of the household debt in Australia and finds that while higher-income and higher … depending on the level of household debt. The results corroborate other work that households' response to monetary policy shocks …