euro might in the future rival or surpass the dollar as the world's leading international reserve currency appears to … currency? Unlike ten years ago, there now exists a credible competitor: the euro. This paper econometrically estimates … determinants of the shares of major currencies in the reserve holdings of the world's central banks. Significant factors include …

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

The euro has arisen as a credible eventual competitor to the dollar as leading international currency, much as the … major currencies in the reserve holdings of the world's central banks. Significant factors include: size of the home country … euro over the period 1999-2007. This paper updates calculations regarding possible scenarios for the future. We exclude the …

Foreign exchange reserve accumulation has risen dramatically in recent years. The introduction of the euro, greater … currencies. Making various assumptions on expected currency returns and the variance-covariance structure, we assess how the euro …-free) currency. (ii) The optimum portfolios show a much lower weight for the euro than is observed. This suggests that the euro may …

On the twentieth anniversary of its inception, the euro has yet to expand its role as an international currency. We …, the euro comprises a far smaller share than that of the US dollar. Furthermore, that share has been roughly constant since … 1999. By some measures, the euro plays no larger a role than the Deutschemark and French franc that it replaced. We explore …

.S. dollar is a key predictor of rest-of-world aggregate trade volume and consumer/producer price inflation. A 1% U.S. dollar … appreciation against all other currencies in the world predicts a 0.6--0.8% decline within a year in the volume of total trade … between countries in the rest of the world, controlling for the global business cycle. 4) Using a novel Bayesian …

the presumption that the pound sterling continued to dominate the U.S. dollar in central bank reserves until after World … our understanding of interwar monetary history but also for the prospects of the dollar and the euro as reserve currencies …