A Crisis Transmission Channel for Reserve Currency Countries: A Cautionary Tale

Victoria Miller ()

Open Economies Review, 2014, vol. 25, issue 4, 809-818

Abstract: World financial markets have been in turmoil as investors grapple with the possibility that Greece and perhaps Italy, Ireland, Portugal and Spain will default on their debts. The 2011 downgrade of the S&P outlook for US debt to “negative” suggests that there may eventually be concerns that the US will go the way of Europe. The paper studies possible transmission effects of a crisis for reserve-currency debt which may occur via central bank holdings of reserve-currency debt. Copyright Springer Science+Business Media New York 2014

Keywords: Currency crisis; Self-justifying bank runs; Bailouts; Insolvency; F3; G2 (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1007/s11079-013-9292-6

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