Eren, Egemen; Malamud, Semyon - 2018 - This version: August 22, 2018
We propose a "debt view" to explain the dominant international role of the dollar and provide broad empirical support … suggest that the dollar fits this description better than all major currencies, especially for longer horizons. The debt view … can jointly explain the fall and the rise of the dollar in international debt markets over the last two decades …
