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  1. The Euro and international capital markets
    Author: Detken, Carsten; Hartmann, Philipp
    Published: 2000
    Publisher:  Inst. für Kapitalmarktforschung, Frankfurt am Main

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  2. The Euro and international capital markets
    Author: Detken, Carsten; Hartmann, Philipp
    Published: 2000
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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  3. The stealth erosion of dollar dominance
    active diversifiers and the rise of nontraditional reserve currencies
    Author: Arslanalp, Serkan; Eichengreen, Barry; Simpson-Bell, Chima
    Published: 2022 MAR
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We document a decline in the dollar share of international reserves since the turn of the century. This decline reflects active portfolio diversification by central bank reserve managers; it is not a byproduct of changes in exchange rates and... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    We document a decline in the dollar share of international reserves since the turn of the century. This decline reflects active portfolio diversification by central bank reserve managers; it is not a byproduct of changes in exchange rates and interest rates, of reserve accumulation by a small handful of central banks with large and distinctive balance sheets, or of changes in coverage of surveys of reserve composition. Strikingly, the decline in the dollar's share has not been accompanied by an increase in the shares of the pound sterling, yen and euro, other long-standing reserve currencies and units that, along with the dollar, have historically comprised the IMF's Special Drawing Rights. Rather, the shift out of dollars has been in two directions: a quarter into the Chinese renminbi, and three quarters into the currencies of smaller countries that have played a more limited role as reserve currencies. A characterization of the evolution of the international reserve system in the last 20 years is thus as ongoing movement away from the dollar, a recent if still modest rise in the role of the renminbi, and changes in market liquidity, relative returns and reserve management enhancing the attractions of nontraditional reserve currencies. These observations provide hints of how the international system may evolve going forward

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9798400204746
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    Series: Working paper / International Monetary Fund ; WP/22, 58
    Subjects: International reserves; currency composition; dollar; Foreign Exchange; International Finance; International Monetary Arrangements and Institutions; International Reserves, Currency Composition and Dollar; USD Share
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  4. Quantifying the role of interest rates, the Dollar and Covid in oil prices
    Author: Kohlscheen, Emanuel
    Published: September 2022
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BIS working papers ; no 1040
    Subjects: dollar; forecasting; machine learning; oil; risk
    Scope: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  5. The Fed's international dollar liquidity facilities: new evidence on effects
    Author: Goldberg, Linda S.; Ravazzolo, Fabiola
    Published: [2021]
    Publisher:  Federal Reserve Bank of New York, New York, NY

    In March 2020, the Federal Reserve eased the terms on its standing swap lines in collaboration with other central banks, reactivated temporary swap agreements, and then introduced the new Foreign and International Monetary Authorities (FIMA) Repo... more

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    In March 2020, the Federal Reserve eased the terms on its standing swap lines in collaboration with other central banks, reactivated temporary swap agreements, and then introduced the new Foreign and International Monetary Authorities (FIMA) Repo Facility. We provide new evidence on how the central bank swap lines and FIMA Repo Facility can reduce strains in global dollar funding markets and U.S. Treasury markets during extreme stress events. These facilities are found to reduce strains in dollar funding markets as measured by foreign exchange swap basis spreads or covered interest parity deviations, as well as the sensitivity of these strains to risk sentiment deterioration. Cross-border flows through banks for excess liquidity support purposes are reduced in the near term and the risk sensitivity of equity and bond fund flows declines. However, access to these facilities leaves longer-term patterns of cross-border liquidity and capital flows broadly unchanged. While official sector liquidity hoarding and “dash for cash” activity are expected to be lower with access to these facilities, initial evidence does not show differential changes in foreign exchange reserve holdings by central banks in relation to liquidity access.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/262047
    Series: Staff reports / Federal Reserve Bank of New York ; no. 997 (December 2021)
    Subjects: dollar; central bank swap lines; credit; liquidity; capital flows; foreign exchange
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  6. The stealth erosion of dollar dominance
    active diversifiers and the rise of nontraditional reserve currencies
    Author: Arslanalp, Serkan; Eichengreen, Barry; Simpson-Bell, Chima
    Published: 2022 MAR
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We document a decline in the dollar share of international reserves since the turn of the century. This decline reflects active portfolio diversification by central bank reserve managers; it is not a byproduct of changes in exchange rates and... more

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    Orient-Institut Beirut
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    Online
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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Universitätsbibliothek Braunschweig
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    Staats- und Universitätsbibliothek Bremen
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    Universitätsbibliothek Erfurt / Forschungsbibliothek Gotha, Universitätsbibliothek Erfurt
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    Bibliothek der Pädagogischen Hochschule Freiburg/Breisgau
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Technische Universität Hamburg, Universitätsbibliothek
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    Duale Hochschule Baden-Württemberg Heidenheim, Bibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 301
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    Universitätsbibliothek Leipzig
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    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
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    Duale Hochschule Baden-Württemberg Mosbach, Bibliothek
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    E-Book Nationallizenz IMF
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    Hochschule Offenburg, University of Applied Sciences, Bibliothek Campus Offenburg
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    E-Book International Monetary Fund
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    Hochschulbibliothek Pforzheim, Bereichsbibliothek Technik und Wirtschaft
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    e-Book International Monetary Fund eLibrary
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    Duale Hochschule Baden-Württemberg Ravensburg, Bibliothek
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    Hochschule Albstadt-Sigmaringen, Bibliothek Sigmaringen
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    Duale Hochschule Baden-Württemberg Villingen-Schwenningen, Bibliothek
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    We document a decline in the dollar share of international reserves since the turn of the century. This decline reflects active portfolio diversification by central bank reserve managers; it is not a byproduct of changes in exchange rates and interest rates, of reserve accumulation by a small handful of central banks with large and distinctive balance sheets, or of changes in coverage of surveys of reserve composition. Strikingly, the decline in the dollar's share has not been accompanied by an increase in the shares of the pound sterling, yen and euro, other long-standing reserve currencies and units that, along with the dollar, have historically comprised the IMF's Special Drawing Rights. Rather, the shift out of dollars has been in two directions: a quarter into the Chinese renminbi, and three quarters into the currencies of smaller countries that have played a more limited role as reserve currencies. A characterization of the evolution of the international reserve system in the last 20 years is thus as ongoing movement away from the dollar, a recent if still modest rise in the role of the renminbi, and changes in market liquidity, relative returns and reserve management enhancing the attractions of nontraditional reserve currencies. These observations provide hints of how the international system may evolve going forward

     
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  7. The dollar and corporate borrowing costs
    Author: Meisenzahl, Ralf R.; Niepmann, Friederike; Schmidt-Eisenlohr, Tim
    Published: 2021
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 201
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: International finance discussion papers ; number 1312 (March 2021)
    Subjects: loan pricing; syndicated loans; dollar; institutional in-vestors; risk taking
    Scope: 1 Online-Ressource (circa 64 Seiten), Illustrationen
  8. Drivers of dollar share in foreign exchange reserves
    Author: Goldberg, Linda S.; Hannaoui, Oliver
    Published: [2024]
    Publisher:  Federal Reserve Bank of New York, [New York, NY]

    The share of U.S. dollar assets in the official foreign exchange reserve portfolios of central banks is sometimes taken as an indicator of dollar status. We show that the observed decline in the aggregate share of U.S. dollar assets does not stem... more

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    The share of U.S. dollar assets in the official foreign exchange reserve portfolios of central banks is sometimes taken as an indicator of dollar status. We show that the observed decline in the aggregate share of U.S. dollar assets does not stem from a systematic shift in currency preferences away from holding dollar assets. Instead, a small group of countries with large foreign exchange reserve balances drive the dollar share decline observed in aggregate statistics. This arises either due to countries conducting monetary policy vis-à-vis the euro or due to preference shifts away from dollars. Regression analysis shows that interest rate differentials between traditional and nontraditional reserve currencies can tilt portfolio composition, particularly in relation to the scale of investment tranches within overall central bank portfolios. Geopolitical distance from the United States and financial sanctions are associated with lower U.S. dollar shares, especially if the primary foreign currency liquidity needs of the central bank are already satisfied.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/300453
    Series: Staff reports / Federal Reserve Bank of New York ; no. 1087 (March 2024)
    Subjects: foreign exchange reserves; dollar; liquidity; convenience yields; currency of international debt; foreign exchange reserve management
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  9. The financial channel of the exchange rate and global trade
    Author: Ma, Sai; Schmidt-Eisenlohr, Tim
    Published: June 2023
    Publisher:  CESifo, Munich, Germany

    This paper provides evidence that the U.S. dollar affects countries' exports through the financial channel of the exchange rate (Bruno and Shin (2015)). Using global data on trade between countries whose currency is not the U.S. dollar, it documents... more

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    This paper provides evidence that the U.S. dollar affects countries' exports through the financial channel of the exchange rate (Bruno and Shin (2015)). Using global data on trade between countries whose currency is not the U.S. dollar, it documents a positive relationship between the dollar and import prices. Importantly, this effect is stronger when the dollar share of the exporter's foreign borrowing is larger. Results strengthen substantially when instrumenting the dollar by U.S. domestic housing activity. Then, a dollar appreciation increases import prices and decreases import quantities, with effects being proportional to the source country's foreign dollar borrowing share.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/279245
    Series: CESifo working papers ; 10495 (2023)
    Subjects: dollar; dominant currency; financial channel; international trade
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  10. The Fed's central bank swap lines and FIMA repo facility
    Author: Choi, Mark; Goldberg, Linda S.; Lerman, Robert Irving; Ravazzolo, Fabiola
    Published: [2021]
    Publisher:  Federal Reserve Bank of New York, New York, NY

    Building on the facility design and application experience from the period of the global financial crisis, in March 2020 the Federal Reserve eased the terms on its standing swap lines in collaboration with other central banks, reactivated temporary... more

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    DS 207
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    Building on the facility design and application experience from the period of the global financial crisis, in March 2020 the Federal Reserve eased the terms on its standing swap lines in collaboration with other central banks, reactivated temporary swap agreements, and then introduced the new Foreign and International Monetary Authorities (FIMA) repo facility. While these facilities share similarities, they are different in their operations, breadth of counterparties and potential span of effects. This article provides key details on these facilities and evidence that the central bank swap lines and FIMA repo facility can reduce strains in global dollar funding markets and U.S. Treasury markets during extreme stress events.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/247906
    Series: Staff reports / Federal Reserve Bank of New York ; no. 983 (September 2021)
    Subjects: swap line; dollar; liquidity; repo; Federal Reserve lending facilities
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  11. Dollar and government bond liquidity
    evidence from Korea
    Author: Lee, Jieun
    Published: November 2023
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 546
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BIS working papers ; no 1145
    Subjects: dollar; exchange rate; Treasury bond liquidity; funding liquidity; foreign investors
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  12. The Dollar versus the Euro as international reserve currencies
    Author: Chinn, Menzie David; Frankel, Jeffrey A.; Itō, Hiro
    Published: [2024]
    Publisher:  [Harvard Kennedy School, John F. Kennedy School of Government], [Cambridge, MA]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Faculty research working paper series / Harvard Kennedy School, John F. Kennedy School of Government ; RWP24, 005 (March 2024)
    Subjects: dollar; euro; international currencies; reserve currencies; network externalities; foreign exchange turnover
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
    Notes:

    Zählung der Reihe von der Frontdoor, da das PDF eine falsche Zählung enthält (Stand 15.5.2024)
  13. Dollar and government bond liquidity
    evidence from Korea
    Author: Lee, Jieun
    Published: 2023. 11
    Publisher:  Bank of Korea, Seoul, Korea

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BOK working paper ; no. 2023, 22
    Subjects: dollar; exchange rate; Treasury bond liquidity; funding liquidity; foreign investors
    Scope: 1 Online-Ressource (circa 72 Seiten), Illustrationen
  14. Dollar Rivals
    Author: Frankel, Jeffrey A.
    Published: [2023]
    Publisher:  SSRN, [S.l.]

    Written for a PIIE conference on the 50th anniversary of floating exchange rates, this paper deals with possible alternatives to a unipolar dollar-based system. It considers (1) measures of international currency use; (2) potential challengers to the... more

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    Written for a PIIE conference on the 50th anniversary of floating exchange rates, this paper deals with possible alternatives to a unipolar dollar-based system. It considers (1) measures of international currency use; (2) potential challengers to the dollar; (3) network externalities; and (4) the plausibility of gold and digital currencies, as alternatives to regular currencies. On the one hand, network externalities operate in favor of the status quo: the dollar as the single leading international currency. On the other hand, abuse of exorbitant privilege – which now includes not just debasing the currency but also excessive use of sanctions – operates in favor of challengers. A good guess is that the dollar will continue to lose market share slowly to others, but will remain in the lead

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: HKS Working Paper ; No. RWP23-015
    Subjects: dollar; exorbitant privilege; internaional currency; multipolar; unipolar
    Scope: 1 Online-Ressource (15 p)
    Notes:

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 2023 erstellt
  15. Financial statecraft and transaction costs
    the case of renminbi internationalization
    Author: Zucker Marques, Marina
    Published: [2021]
    Publisher:  Freie Universität Berlin, Berlin

    The scholarly debate on currency internationalization focuses on country characteristics and policies as the main determinants in currency competition. However, this literature has neglected the fact that, given the intertwined nature of the... more

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    The scholarly debate on currency internationalization focuses on country characteristics and policies as the main determinants in currency competition. However, this literature has neglected the fact that, given the intertwined nature of the international monetary system, other countries' actions and the functioning logic of international finance can also impact a currency's international status. This article shows that RMB usage has been boosted not only by Chinese statecraft but also by economic actors' recent difficulties in using the dollar. The American financial sanctions against Chinese trade partners, the cyclical instability of international finance, as well as peripheral countries' low inflows of dollars have encouraged firms and banks to use the renminbi as an alternative to the dollar. In addition to contributing to a broader understanding of the drivers of currency internationalization, this article proposes a model that explains the mechanisms that push firms and banks away from the incumbent international currency. I posit that changes in domestic and international conditions influence currency transaction costs, thereby propelling economic actors to increase their use of currencies with relatively lower transaction costs. Interviews with Chinese senior officials from the PBOC and the Ministry of Commerce, manufacturing companies, and bank staff are the main primary sources for this article. I triangulate this information with news reports and speeches both in Chinese and English.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10.17169/refubium-30256
    Series: Array ; 2021, 9
    Subjects: International monetary system; renminbi internationalization; financial statecraft; dollar; currency competition
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen