Das Vertrauen in den Dollar als internationale Leitwährung hat mit der Weltfinanz- und Wirtschaftskrise gelitten. Insbesondere China und Russland, die immense Dollarreserven halten, fordern Alternativen.
Lesen Sie weiter im Leitartikel des Wirtschaftsdienst 8/2009
Konjunkturschlaglicht : Dollarkrise und Konjunktur / Henning Vöpel.
- (2007) In:
. – Bd. 87.2007, 12, (Dez.2007) S. 833-834. prüfen & bestellen
Folgen des schwachen Dollar / Carsten Hefeker.
- (2007) In:
Konjunkturschlaglicht : Wechselkurspolitik in China / Günter Weinert.
- (2005) In:
Euro go East : je schneller, desto besser? / Karlheinz Ruckriegel; Franz Seitz.
- (2004) In:
Konsequenzen des bipolaren Weltwährungssystems für den “Rest der Welt” / von Hendrik Luchtmeier.
- (2001) In:
- (2000) Diskussionspapier / Technische Universität Berlin, Wirtschaftswissenschaftliche Dokumentation ; 2000,6 prüfen & bestellen
13, III Bl.
Brauchen wir ein anderes Weltwährungsregime?
- (2000) Wirtschaftsdienst ; 80.2000,6 prüfen & bestellen
The euro as a reserve currency : a challenge to the pre-eminence of the US dollar? / By Gabriele Galati and Philip Wooldridge.
- (2009) In: International journal of finance & economics. – Bd. 14.2009, 1, (Jan.2009) S. 1-23. prüfen & bestellen
- (2006) BIS working papers ; 218
prüfen & bestellen
Optimal reserve composition in the presence of sudden stops : the Euro and the dollar as safe haven currencies / by Roland Beck and Ebrahim Rahbari.
We analytically derive optimal central bank portfolios in a minimum variance framework with two assets and “transaction demands” caused by sudden stops in capital inflows. In this model, the transaction demands become less important relative to traditional portfolio objectives as debt to reserve ratios decrease. We empirically estimate optimal dollar and euro shares for 24 emerging market countries and find that optimal reserve portfolios are dominated by anchor currencies and, at current debt to reserve ratios, introducing transactions demand has a relatively modest effect. We also find that euro and dollar bonds act as “safe haven currencies” during sudden stops. Dollars are better hedges for global sudden stops and for regional sudden stops in Asia and Latin America, while the euro is a better hedge for sudden stops in Emerging Europe. We reproduce qualitatively the recent decline in the share of the dollar in emerging market reserves and find that the denomination of foreign currency debt has very little importance for optimal reserve portfolios
- (2008) Working paper series / European Central Bank ; 916
- (2008) Working paper series / European Central Bank ; Eurosystem prüfen & bestellen
Political determinants of international currencies : what future for the US dollar? / Eric Helleiner.
- (2008) In: Review of international political economy. – Abingdon. – Bd. 15.2008, 3, (Aug.2008) S. 354-378. prüfen & bestellen
Macroeconomic interdependence and the international role of the dollar / Linda S. Goldberg; Cédric Tille.
- (2008) Staff reports / Federal Reserve Bank of New York ; 316
- (2008) Discussion paper series / Centre for Economic Policy Research ; 6704 : Public policy prüfen & bestellen
- (2008) NBER working paper series ; 13820 prüfen & bestellen
The rocky road ahead: China, the US and the future of the dollar / Paul Bowles and Baotai Wang.
- (2008) In: Review of international political economy. – Abingdon. – Bd. 15.2008, 3, (Aug.2008) S. 335-353. prüfen & bestellen
Special issue: At home abroad?: the dollar’s destiny as a world currency
- (2008) Review of international political economy ; 15.2008,3 prüfen & bestellen
The politics of imperial finance / Martijn Konings and Leo Panitch.
- (2008) In: American empire and the political economy of global finance. – Basingstoke, Hampshire [u.a.]. – 2008, S. 225-252. prüfen & bestellen
The macroeconomic implications of a key currency / Matthew Canzoneri; Robert E. Cumby; Behzad Diba; David Lopez-Salido.
- (2008) NBER working paper series ; 14242
The rise and fall of the dollar, or when did the dollar replace sterling as the leading reserve currency? / Barry Eichengreen and Marc Flandreau.
“We present new evidence on the currency composition of foreign exchange reserves in the 1920s and 1930s. Contrary to the presumption that the pound sterling continued to dominate the U.S. dollar in central bank reserves until after World War II, we show that the dollar first overtook sterling in the mid-1920s. This suggests that the network effects thought to lend inertia to international currency status and to create incumbency advantages for the dominant international currency do not apply in the reserve currency domain. Our new evidence is similarly incompatible with the notion that there is only room in the market for one dominant reserve currency at a point in time. Our findings have important implications for our understanding of interwar monetary history but also for the prospects of the dollar and the euro as reserve currencies”–National Bureau of Economic Research web site
- (2008) NBER working paper series ; 14154 prüfen & bestellen
- (2008) Discussion paper series / Centre for Economic Policy Research ; 6869 : International macroeconomics prüfen & bestellen
Why the euro will not rival the dollar / Adam S. Posen.
- (2008) In: International finance. – Oxford. – Bd. 11.2008, 1, S. 75-100. prüfen & bestellen
Why the euro will rival the dollar / Menzie Chinn and Jeffrey Frankel.
- (2008) In: International finance. – Oxford. – Bd. 11.2008, 1, S. 49-73. prüfen & bestellen
The euro may over the next 15 years surpass the dollar as leading international currency / Menzie D. Chinn; Jeffrey A. Frankel.
- (2008) Faculty research working paper series / John F. Kennedy School of Government, Harvard University ; 08,016
- (2008) NBER working paper series ; 13909 prüfen & bestellen
Biography of the dollar : how the mighty buck conquered the world and why it’s under siege / Craig Karmin.
- Inhaltsverzeichnis
- (2008) New York, NY prüfen & bestellen
The US dollar : safe haven ; despite rising US current account deficit / Berend Diekmann; Martin Meurers.
- (06 Aug. 2007) Research notes : working paper series / Deutsche Bank Research ; 25
Globalization without global money : the double role of the dollar as national currency and as world currency and its consequences / Stephan Schulmeister.
- (2007) In: Political economy of international monetary interdependence. – 2007, S. 397-435. prüfen & bestellen
- (2000) In: Journal of post-Keynesian economics. – Bd. 22.2000, 3, S. 365-395. prüfen & bestellen
- (1998) Working papers / Österreichisches Institut für Wirtschaftsforschung ; 106 prüfen & bestellen
The euro and the dollar in a globalized economy : [papers presented at a conference organized by the European Union Center and the Jean Monnet Chair of the University of Miami with the support of the European Commission] / ed. by Joaquin Roy and Pedro Gomis-Porqueras.
- Inhaltsverzeichnis
- (2007) Aldershot [u.a.] prüfen & bestellen
Optimal currency shares in international reserves : the impact of the euro and the prospects for the dollar / Elias Papaioannou; Richard Portes; Gregorios Siourounis.
Foreign exchange reserve accumulation has risen dramatically in recent years. The introduction of the euro, greater liquidity in other major currencies, and the rising current account deficits and external debt of the United States have increased the pressure on central banks to diversify away from the US dollar. A major portfolio shift would significantly affect exchange rates and the status of the dollar as the dominant international currency. We develop a dynamic mean-variance optimization framework with portfolio rebalancing costs to estimate optimal portfolio weights among the main international currencies. Making various assumptions on expected currency returns and the variance-covariance structure, we assess how the euro has changed this allocation. We then perform simulations for the optimal currency allocations of four large emerging market countries (Brazil, Russia, India and China), adding constraints that reflect a central bank’s desire to hold a sizable portion of its portfolio in the currencies of its peg, its foreign debt and its international trade. Our main results are: (i) The optimizer can match the large share of the US dollar in reserves, when the dollar is the reference (risk-free) currency. (ii) The optimum portfolios show a much lower weight for the euro than is observed. This suggests that the euro may already enjoy an enhanced role as an international reserve currency (“punching above its weight”). (iii) Growth in issuance of euro-denominated securities, a rise in euro zone trade with key emerging markets, and increased use of the euro as a currency peg, would all work towards raising the optimal euro shares, with the last factor being quantitatively the most important
- (2006) In: Journal of the Japanese and international economies. – Bd. 20.2006, 4, (Dez.2006) S. 508-547. prüfen & bestellen
- (2006) Working paper series / European Central Bank ; 694 prüfen & bestellen
- (2006) Working paper series / European Central Bank ; 694
- (2006) Discussion paper series / Centre for Economic Policy Research ; 5734 : International macroeconomics prüfen & bestellen
- (2006) NBER working paper series ; 12333
Global dollar standard : challenges for Asian financial integration / H. Gao.
- (2008) In: Economic change and restructuring. – Dordrecht [u.a.]. – Bd. 41.2008, 4, S. 369-382. prüfen & bestellen
Substituting a substitute currency : the case of Estonia / Kari Heimonen.
- (2008) In: International review of economics & finance. – Bd. 17.2008, 1, S. 66-84. prüfen & bestellen
- (2001) BOFIT discussion papers ; 2001,11
67 S.
Liquidity insurance in a financially dollarized economy / Eduardo Levy Yeyati.
- (2008) In: Financial markets volatility and performance in emerging markets ; [Inter-American Seminar on Economics, held on December 1-3, 2005, at Pontificial Catholic University, Rio de Janeiro]. – 2008, S. 185-211. prüfen & bestellen
- (2006) NBER working paper series ; 12345
From the debate on full dollarization to de-dollarization proposals in Latin America / by Carlos Quenan and Edgardo Torija Zane.
- (2007) In: Building the Americas. – Bruxelles. – 2007, S. 73-96. prüfen & bestellen
Wesentliches Schlagwort: Reservewährung 
Wesentliches Schlagwort: US-Dollar
Wesentliche Person: Elias Papaioannou
Wesentliche Person: Richard Portes
Wesentliche Person: Gregorios Siourounis
