the euro-dollar exchange rate, within a three-country, three-currency portfolio model. Our static model shows that the … euro-dollar rate, whatever the exchange-rate regime of China. Moving to a dynamic, stock-flow framework, we show that the …

mark, Japanese yen, Swiss franc, French franc etc., have been occasionally serving as reserve currencies. The situation … considerably changed after introducing of the euro which in the first decade of the XXI century exceeded 20% share in reserves of … the demand for the euro and increasing the pressure on the appreciation of the euro exchange rate unless the authority …