measure in detail, arguing that in view of financial globalisation, an indicator based on currency shares in the international …This paper presents a new concept the global roles of currencies. The concept combines the domestic and international … economy. The measure of a currency's global role is based on the size and stage of development of the underlying economy, as …

importer's currency has important implications for the transmission of shocks. We introduce this "dominant currency pricing … incorporate DCP into a major global macroeconomic model used at central banks or international organisations. In ECB-Global, DCP … a non-US economy that alters the value of its currency multilaterally, expenditure-switching occurs only through imports …

-2003, attempting to understand motives for issuing in foreign currency, and determinants for the choice of currency. We consider the … following influences on the currency choice when issuing foreign currency denominated debt: the microeconomic characteristics of … addition to cost minimisation, hedging motives and the desire to establish an investor base influences the choice of currency …

The US dollar plays a dominant role in the invoicing of international trade, albeit not an exclusive one as more than …, as European policy makers have taken a neutral stance in contrast to the promotion of the international role of the … 115 countries over 1999-2019. We find that standard mechanisms that foster use of a large economy's currency predicted by …

stability of invoicing currency patterns. But the evidence also points to several novel stylised facts. First, both the US … the euro area 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. And third, as suggested by the dominant currency paradigm, countries …

This paper provides insights into the determinants of currency choice in cross-border bank lending, such as bilateral … distance, financial and trade linkages to issuer countries of major currencies, and invoicing currency patterns. Cross … central in the international network of loans denominated in euro, although there are tentative signs that this role has …

We analyze, for the first time, how firms choose the currency in which they price transactions in international trade …. Drawing on a new granular dataset on extra-European Union exports of Portuguese firms broken down by currency, we show that … currency choices in services trade are active firm-level decisions. Firms that are larger and rely more on inputs priced in …

We examine the open-economy implications of the introduction of a central bank digital currency (CBDC). We add a CBDC … broad set of alternative technical features in CBDC design. We analyse the international transmission of standard monetary … welfare. The presence of a CBDC amplifies the international spillovers of shocks to a significant extent, thereby increasing …