A New Reserve Currency

Dipak Basu and Victoria Miroshnik
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Dipak Basu: Nagasaki University
Victoria Miroshnik: Tsukuba University

Chapter 4 in International Business and Political Economy, 2015, pp 34-42 from Palgrave Macmillan

Abstract: Abstract There has been a recent demand from Germany’s Bundesbank to repatriate a large portion of its gold reserves held abroad in the Federal Reserve of the USA. By 2020, Germany wants 50 percent of its total gold reserves back in Frankfurt – including 300 tons from the Federal Reserve. However, the Federal Reserve refused to submit to an audit of its holdings on Germany’s behalf ( www.europacmetals.com ). Thus, questions are being raised around the world about whether the dollar is the world’s safe-haven asset and whether the Federal Reserve, a privately owned company, is a trustworthy banker for foreign countries.

Keywords: Central Bank; International Business; Federal Reserve; Reserve Currency; Special Draw Right (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-47486-5_5

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DOI: 10.1057/9781137474865_5

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