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The Rise of the Dollar and Fall of the Euro as International Currencies

Matteo Maggiori, Brent Neiman and Jesse Schreger

AEA Papers and Proceedings, 2019, vol. 109, 521-26

Abstract: International currencies play important roles as foreign exchange reserves but are also 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. We provide evidence suggesting a recent rise in the use of the dollar, and fall of the use of the euro, with similar patterns manifesting across all these aspects of international currency use.

JEL-codes: E42 F31 F33 (search for similar items in EconPapers)
Date: 2019
Note: DOI: 10.1257/pandp.20191007
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Citations: View citations in EconPapers (37)

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Working Paper: The Rise of the Dollar and Fall of the Euro as International Currencies (2018) Downloads
Working Paper: The Rise of the Dollar and Fall of the Euro as International Currencies (2018) Downloads
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