The dollar as an official reserve currency under EMU

被引：2

作者：

Leahy, MP

机构：

[1] Division of International Finance, Board of Governors of the Federal Reserve System, Washington

来源：

OPEN ECONOMIES REVIEW | 1996年 / 7卷 / 04期

关键词：

reserves; central banks; EMU; currency composition;

D O I：

10.1007/BF01886370

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article analyzes official reserve-holding behavior in EU countries to assess the effect EMU might have on holdings of dollar reserves. Based on earlier research and new estimates, a wide range of projections is presented for the effect of EMU on the overall demand for reserves and their currency composition. It is argued that official dollar holdings could decline on the order of 35% or more from current dollar holdings, although the range of uncertainty is quite large. The contributions of country-specific factors appear to swamp the systematic components that had been isolated in earlier research.

引用

页码：371 / 390

页数：20

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