This paper examines the determinants of cross-border flows of U.S. dollar banknotes, using a new panel data set of …

exports and imports for twenty-four countries, we document that the dollar is the currency of choice for most transactions … involving the United States. The dollar is also extensively used as a vehicle currency in international trade flows that do not …

financial crisis in August 2007. The CIP deviation exists with respect to several different dollar-denominated interest rates … and exchange rate pairings of the dollar vis-a-vis other currencies. The results show that our proxies for margin …

We document a decline in the dollar share of international reserves since the turn of the century. This decline …, or of changes in coverage of surveys of reserve composition. Strikingly, the decline in the dollar's share has not been … that, along with the dollar, have historically comprised the IMF's Special Drawing Rights. Rather, the shift out of dollars …

Facility. We provide new evidence on how the central bank swap lines and FIMA Repo Facility can reduce strains in global dollar … funding markets and U.S. Treasury markets during extreme stress events. These facilities are found to reduce strains in dollar …