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Stability or upheaval? The currency composition of international reserves in the long run

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  • Mehl, Arnaud
  • Eichengreen, Barry
  • Chiţu, Livia

Abstract

We investigate whether the role of national currencies as international reserves was fundamentally altered by the shift from fixed to flexible exchange rates (what we call the JEL Classification: F30, N20

Suggested Citation

  • Mehl, Arnaud & Eichengreen, Barry & Chiţu, Livia, 2014. "Stability or upheaval? The currency composition of international reserves in the long run," Working Paper Series 1715, European Central Bank.
    • Handle: RePEc:ecb:ecbwps:20141715
    Note: 501438
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    References listed on IDEAS

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    Cited by:

    1. Agnès Bénassy-Quéré, 2015. "The euro as an international currency," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01144371, HAL.
    2. Liu, Tao & Wang, Xiaosong, 2016. "The Road to International Currency: Global Perspective and Chinese Experience," MPRA Paper 72877, University Library of Munich, Germany.
    3. Emmanuel Farhi & Matteo Maggiori, 2018. "A Model of the International Monetary System," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 133(1), pages 295-355.
    4. Ito, Hiroyuki & McCauley, Robert N. & Chan, Tracy, 2015. "Currency composition of reserves, trade invoicing and currency movements," Emerging Markets Review, Elsevier, vol. 25(C), pages 16-29.
    5. Maylis Avaro, 2020. "Zombie International Currency: The Pound Sterling 1945-1973," IHEID Working Papers 03-2020, Economics Section, The Graduate Institute of International Studies, revised 27 Apr 2021.
    6. Seghezza, Elena & Morelli, Pierluigi, 2018. "Rule of law and balance of power sustain US dollar preeminence," Journal of Policy Modeling, Elsevier, vol. 40(1), pages 16-36.
    7. Barry Eichengreen, 2019. "The international financial implications of Brexit," International Economics and Economic Policy, Springer, vol. 16(1), pages 37-50, March.
    8. Eichengreen, Barry & Flandreau, Marc & Mehl, Arnaud & Chitu, Livia, 2017. "International Currencies Past, Present, and Future: Two Views from Economic History," OUP Catalogue, Oxford University Press, number 9780190659455.

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    More about this item

    Keywords

    currency composition; fixed vs. floating exchange rates; international reserves; structural change;
    All these keywords.

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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