U.S. Dollar Demand of Private Nonbank Foreigners

Peggy E Swanson
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Peggy E Swanson: The University of Texas at Arlington

Journal of International Business Studies, 1983, vol. 14, issue 3, 107-120

Abstract: This study attempts to establish the determinants of foreigners' holdings of U.S. dollars. Based upon a transactions demand model and a portfolio selection model, private non bank foreigners' holdings of short-term U.S. dollar assets, both in the Eurodollar market and in the United States, are analyzed. The most significant empirical finding is that trade is consistently of major importance in explaining quantities of dollars held. Heretofore, dollars held in the Eurodollar market have largely been considered portfolio choices selected on the basis of relative risks and returns. This study indicates, however, that even dollars held in the Eurodollar market are affected more by volume of dollar trade than by any other explanatory variable.© 1983 JIBS. Journal of International Business Studies (1983) 14, 107–120

Date: 1983
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