economy. The measure of a currency's global role is based on the size and stage of development of the underlying economy, as … currency. The paper applies the concept to 22 currencies of advanced and emerging economies. The results confirm the well … measure in detail, arguing that in view of financial globalisation, an indicator based on currency shares in the international …

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 …

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 …

115 countries over 1999-2019. We find that standard mechanisms that foster use of a large economy's currency predicted by … currency. Fundamentals and policies have played a contrasted role for the use of the renminbi. We find that China's integration …, the establishment of currency swap lines by the People's Bank of China has been associated with increases in renminbi …

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 …

This paper focuses on changes in the currency options market’s assessment of likely future exchange rate developments … with systematic changes in all moments of the estimated RNDs on the JPY/USD currency pair, and in several of the moments of … the estimated RNDs on the JPY/EUR and USD/EUR currency pairs. In particular, the operations where Japanese yen is sold …

participating currencies are in effect identical from inception of a currency union, the convergence process to such an identical …

diversification is optimal or not. We estimate for a panel of 20 countries the determinants of the currency composition of reserves …