article, we provide evidence suggesting a recent rise in the use of the dollar, and fall of the use in the euro, with similar …

equation correctly predicts a (small) narrowing in the gap between the dollar and euro over the period 1999-2004. Whether the … euro might in the future rival or surpass the dollar as the world's leading international reserve currency appears to … these two developments, how quickly the euro might rise to challenge the dollar. Under two important scenarios the remaining …

The euro has arisen as a credible eventual competitor to the dollar as leading international currency, much as the … the de facto financial center of the euro, more so than Frankfurt. We also assume that the dollar continues in the future … dollar rose to challenge the pound 70 years ago. This paper uses econometrically-estimated determinants of the shares of …

Foreign exchange reserve accumulation has risen dramatically in recent years. The introduction of the euro, greater … increased the pressure on central banks to diversify away from the US dollar. A major portfolio shift would significantly affect … exchange rates and the status of the dollar as the dominant international currency. We develop a dynamic mean …

The U.S. dollar holds a dominant place in the invoicing of international trade, along two complementary dimensions …

This paper offers new evidence on the emergence of the dollar as the leading international currency, focusing on its … role as currency of denomination in global bond markets. We show that the dollar overtook sterling much earlier than … commonly supposed, as early as in 1929. Financial market development appears to have been the main factor helping the dollar to …

not only on expectations but also on history. The analysis is motivated by the fact that the U.S. dollar has historically … backward-looking. The result suggests the importance of history in explaining why the firm tends to choose the US dollar as …

We document that the U.S. dollar exchange rate drives global trade prices and volumes. Using a newly constructed data … dollar exchange rate quantitatively dominates the bilateral exchange rate in price pass-through and trade elasticity … regressions. U.S. monetary policy induced dollar fluctuations have high pass-through into bilateral import prices. 2) Bilateral …

our understanding of interwar monetary history but also for the prospects of the dollar and the euro as reserve currencies … the presumption that the pound sterling continued to dominate the U.S. dollar in central bank reserves until after World … War II, we show that the dollar first overtook sterling in the mid-1920s. This suggests that the network effects thought …