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Compositional Analysis of Foreign Currency Reserves in the 1999-2007 Period : The Euro vs. The Dollar as Leading Reserve Currency

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Author Info
Aristovnik, Aleksander
Čeč, Tanja

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Abstract

Using a critical analysis of the acquired data, this article mainly aims to present the currency composition of the foreign currency reserves of central banks in selected countries in the 1999-2007 period and, on this basis, to establish whether the euro stands any real chances of dethroning the US dollar as the global currency. Among other things, the empirical results, for the most part overlapping with the theoretical and empirical expectations, confirm the hypothesis that in the near future the euro may be regarded as a global reserve currency on a par with the US dollar or it may even become the leading reserve currency. Finally, the empirical analysis also shows that the proportion of the euro in foreign currency reserves differs by the groups of countries concerned; however, in the period under scrutiny it was mainly increasing.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 14350.

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Date of creation: 26 Mar 2009
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Handle: RePEc:pra:mprapa:14350

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Related research
Keywords: international monetary system; international currency; foreign currency reserves; dollar; euro;

Find related papers by JEL classification:
F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
F31 - International Economics - - International Finance - - - Foreign Exchange
G20 - Financial Economics - - Financial Institutions and Services - - - General

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  1. Menzie Chinn & Jeffrey Frankel, 2005. "Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?," NBER Working Papers 11510, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Gourinchas, Pierre-Olivier & Rey, Hélène, 2005. "From World Banker to World Venture Capitalist: US External Adjustment and The Exorbitant Privilege," CEPR Discussion Papers 5220, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  3. Masson, Paul R., 2008. "The euro and developing country finance: A survey," The North American Journal of Economics and Finance, Elsevier, vol. 19(2), pages 175-191, August. [Downloadable!] (restricted)
  4. Johannes Onno de Beaufort Wijnholds & Lars Søndergaard, 2007. "Reserve accumulation - objective or by-product?," Occasional Paper Series 73, European Central Bank. [Downloadable!]
  5. Papaioannou, Elias & Portes, Richard & Siourounis, Gregorios, 2006. "Optimal Currency Shares in International Reserves: The Impact of the Euro and the Prospects for the Dollar," CEPR Discussion Papers 5734, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  6. Robert Mundell, 1998. "What the euro means for the dollar and the international Monetary system," Atlantic Economic Journal, International Atlantic Economic Society, vol. 26(3), pages 227-237, September. [Downloadable!] (restricted)
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