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We propose a flow-based criterion (intensity of use) and a stock-based criterion (stability of value) for choosing an anchor currency. This conceptual framework is applied to analyzing the RCEP region. According to the estimated TVP-VAR model, the influence of the US dollar in the region was...
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Since the end of World War II the dollar has played a double role, it has served as national currency of the US and as … key currency of the world economy. As world currency the dollar serves as "numeraire" for supranational flows and stocks … the world, but influence also the relative prices between commodities and manufactures, the terms of trade between …
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The scholarly debate on currency internationalization focuses on country characteristics and policies as the main determinants in currency competition. However, this literature has neglected the fact that, given the intertwined nature of the international monetary system, other countries'...
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