euro is unlikely to displace the dollar as the dominant international currency in the near term. First, the growth … delivered a currency that retains its purchasing power at least as well as the dollar, there are at least three reasons why the … prospects of the euro area. Second, the uniqueness of EMU. Third, the benefits of incumbency." …

Facing a shortage of U.S. dollars and a growing need to support their dollar-denominated assets during the financial … analysis of the ensuing strains in the swap market shows that the dollar "basis"--the premium international institutions pay … for dollar funding--became persistently large and positive, chiefly as a result of the higher funding costs paid by …

The U.S. dollar plays a key role in international trade invoicing along two complementary dimensions. First, most U …

have on official holdings of dollar reserves. A wide range of projections are presented for the effect of EMU on the … the effect of EMU on the currency composition of reserves. It is argued that official dollar holdings could decline on the … order of 35 percent or more from current dollar holdings, although the range of uncertainty is quite large. …

This paper attempts to review the different elements of the international role of the dollar and, where possible, to … provide quantitative information about the current scale of dollar use and how it may be changing, including in response to … European monetary union. The paper considers the exchange value of the dollar, the dollar as reserve asset, the dollar as …

depreciation of the dollar, as stressed in research by Obstfeld and Rogoff. We assess how the adjustment is affected by the high … not matched. In particular, a dollar depreciation generates valuation gains for the United States by boosting the dollar …. Intuitively, the valuation gains from the depreciation of the dollar allow the United States to finance ongoing, albeit shrinking …