dollars. Expectations of yen appreciation against the dollar have been (1) consistently large, (2) variable, and (3) greater … than the forward premium, implying that investors were willing to accept a lower expected return on dollar assets. At short …

alternatives to a unipolar dollar-based system. It considers (1) measures of international currency use; (2) potential challengers … to the dollar; (3) network externalities; and (4) the plausibility of gold and digital currencies, as alternatives to … regular currencies. On the one hand, network externalities operate in favor of the status quo: the dollar as the single …