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The Stealth Erosion of Dollar Dominance : Active Diversifiers and the Rise of Nontraditional Reserve Currencies
Arslanalp, Serkan; Eichengreen, Barry; Simpson-Bell, Chima - 2022
We document a decline in the dollar share of international reserves since the turn of the century. This decline reflects active portfolio diversification by central bank reserve managers; it is not a byproduct of changes in exchange rates and interest rates, of reserve accumulation by a small...
Persistent link: https://www.econbiz.de/10013292745
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When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets
Eichengreen, Barry; Mehl, Arnaud; Chiţu, Livia - 2012
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...
Persistent link: https://www.econbiz.de/10011605478
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History, gravity and international finance
Eichengreen, Barry; Mehl, Arnaud; Chiţu, Livia - 2012
We analyze persistence in patterns of bilateral financial investment using data on US investors’ holdings of foreign bonds. We document a “history effect” in which the pattern of holdings seven decades ago continues to influence holdings today. 10 to 15% of the cross-country variation in...
Persistent link: https://www.econbiz.de/10011605511
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Network effects, homogeneous goods and international currency choice: new evidence on oil markets from an older era
Eichengreen, Barry; Chiţu, Livia; Mehl, Arnaud - 2014
Conventional wisdom has it that network effects are strong in markets for homogeneous goods, leading to the dominance of one settlement currency in such markets. The alleged dominance of the dollar in global oil markets is said to epitomize this phenomenon. We question this presumption with...
Persistent link: https://www.econbiz.de/10011605696
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Mutual assistance between Federal Reserve Banks, 1913-1960 as prolegomena to the TARGET2 debate
Eichengreen, Barry; Mehl, Arnaud; Chiţu, Livia; … - 2014
This paper reconstructs the forgotten history of mutual assistance among Reserve Banks in the early years of the Federal Reserve System. We use data on accommodation operations by the 12 Reserve Banks between 1913 and 1960 which enabled them to mutualise their gold reserves in emergency...
Persistent link: https://www.econbiz.de/10011605731
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Stability or upheaval? The currency composition of international reserves in the long run
Eichengreen, Barry; Chiţu, Livia; Mehl, Arnaud - 2014
We investigate whether the role of national currencies as international reserves was fundamentally altered by the shift from fixed to flexible exchange rates (what we call the “upheaval hypothesis”), a view that gained adherents following the collapse of the Bretton Woods System. We extend...
Persistent link: https://www.econbiz.de/10011605760
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Cables, Sharks and Servers: Technology and the Geography of the Foreign Exchange Market
Eichengreen, Barry; Lafarguette, Romain; Mehl, Arnaud - 2016
trading, but which were not laid for purposes related to the foreign exchange market. We estimate the impact of cable … in the major financial centers lower the fixed costs of trading currencies and increase the share of currency trades … percent and increases, in net terms, the share of offshore trading by 21 percentage points. Technology also has economically …
Persistent link: https://www.econbiz.de/10011605934
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Regional financial arrangements and the International Monetary Fund
Eichengreen, Barry - 2012
The rise of regional monetary arrangements poses a challenge for the International Monetary Fund (IMF)'s global surveillance efforts. This paper reviews how the IMF has responded to earlier regional initiatives, from the European Payments Union of the 1950s and the Gold Pool of the 1960s to the...
Persistent link: https://www.econbiz.de/10010397218
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Regional financial arrangements and the International Monetary Fund
Eichengreen, Barry - 2012
The rise of regional monetary arrangements poses a challenge for the International Monetary Fund (IMF)'s global surveillance efforts. This paper reviews how the IMF has responded to earlier regional initiatives, from the European Payments Union of the 1950s and the Gold Pool of the 1960s to the...
Persistent link: https://www.econbiz.de/10009667240
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Regional Financial Arrangements and the International Monetary Fund
Eichengreen, Barry - 2012
The rise of regional monetary arrangements poses a challenge for the International Monetary Fund (IMF)'s global surveillance efforts. This paper reviews how the IMF has responded to earlier regional initiatives, from the European Payments Union of the 1950s and the Gold Pool of the 1960s to the...
Persistent link: https://www.econbiz.de/10013098292