Sterling's past, dollar's future

Description

"This paper provides an historical perspective on reserve currency competition and on the prospects of the dollar as an international currency. It questions the conventional wisdom that competition for reserve-currency status is a winner-take-all game, showing that several currencies have often shared this role in the past and arguing that innovations in financial markets make it even more likely that they will do so in the future. It suggests that the dollar and the euro are likely to share this position for the foreseeable future. Hopes that the yuan could become a major international currency 20 or even 40 years from now are highly premature"--National Bureau of Economic Research web site.

Subjects

Series Statement

• NBER working paper series ;
• working paper 11336
• Working paper series (National Bureau of Economic Research : Online) ;
• working paper no. 11336.

Links

• URL
• http://papers.nber.org/papers/W11336