Abstract

http://ssrn.com/abstract=723305
 
 

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Sterling's Past, Dollar's Future: Historical Perspectives on Reserve Currency Competition


Barry Eichengreen


University of California, Berkeley - Department of Economics; Centre for International Finance and Regulation (CIFR); National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

May 2005

NBER Working Paper No. w11336

Abstract:     
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.

Number of Pages in PDF File: 32

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Date posted: June 15, 2005  

Suggested Citation

Eichengreen, Barry, Sterling's Past, Dollar's Future: Historical Perspectives on Reserve Currency Competition (May 2005). NBER Working Paper No. w11336. Available at SSRN: http://ssrn.com/abstract=723305

Contact Information

Barry Eichengreen (Contact Author)
University of California, Berkeley - Department of Economics ( email )
549 Evans Hall #3880
Berkeley, CA 94720-3880
United States
510-642-2772 (Phone)
510-642-0822 (Fax)
Centre for International Finance and Regulation (CIFR) ( email )
Level 7, UNSW CBD Campus
1 O'Connell Street
Sydney, NSW 2000
Australia

National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
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