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Our Underappreciated International Reserve System

Author

Listed:
  • Serkan Arslanalp
  • Barry Eichengreen
  • Chima Simpson-Bell

Abstract

We document some underappreciated aspects of the recent evolution of the international reserve system. These include the growing share of gold in global central bank reserves, the continuing emergence of nontraditional reserve currencies, and the stalling share of renminbi in reserves. These trends are consistent with our findings in our earlier papers. In addition we look to the future, pondering the potential implications of dollar-linked stablecoins, the expansion of the BRICS grouping of countries and their de- dollarization plans, the development of blockchain-based platforms such as Project mBridge for the direct exchange of central bank digital currencies, and questions about the dollar’s safe-haven status.

Suggested Citation

  • Serkan Arslanalp & Barry Eichengreen & Chima Simpson-Bell, 2025. "Our Underappreciated International Reserve System," NBER Working Papers 34478, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:34478
    Note: IFM
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    JEL classification:

    • F0 - International Economics - - General
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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