The Rise of the Dollar and Fall of the Euro as International Currencies
Matteo Maggiori,
Brent Neiman and
Jesse Schreger
No 25410, NBER Working Papers from National Bureau of Economic Research, Inc
Abstract:
The modern notion of an international currency involves use in areas of international finance and trade that extend well beyond central banks' coffers. In addition to their important roles as foreign exchange reserves, international currencies are most frequently used to denominate corporate and government bonds, bank loans, and import and export invoices. These currencies offer unrivaled liquidity, constituting large shares of the volume on global foreign exchange markets, and are commonly chosen as the anchors targeted by countries with pegged or managed exchange rate regimes. In this short article, we provide evidence suggesting a recent rise in the use of the dollar, and fall of the use in the euro, with similar patterns manifesting across all these aspects of international currency use.
JEL-codes: E4 E5 F3 G15 G23 (search for similar items in EconPapers)
Date: 2018-12
New Economics Papers: this item is included in nep-eec, nep-ifn, nep-mac, nep-mon and nep-opm
Note: AP CF EFG IFM ITI ME
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)
Published as Matteo Maggiori & Brent Neiman & Jesse Schreger, 2019. "The Rise of the Dollar and Fall of the Euro as International Currencies," AEA Papers and Proceedings, vol 109, pages 521-526.
Downloads: (external link)
http://www.nber.org/papers/w25410.pdf (application/pdf)
Related works:
Journal Article: The Rise of the Dollar and Fall of the Euro as International Currencies (2019) 
Working Paper: The Rise of the Dollar and Fall of the Euro as International Currencies (2018) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:25410
Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w25410
Access Statistics for this paper
More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().