More independent central banks hold fewer dollars – research
De-dollarisation benefits Singaporean and Korean currencies, while Australia’s and China’s lose out
The more independent a central bank is, the fewer US dollar-denominated assets it holds in its reserves, new research from the National Bureau of Economic Research finds.
In their paper published on November 17, authors Serkan Arslanalp, Barry Eichengreen and Chima Simpson-Bell examine data from the International Monetary Fund’s composition of official foreign exchange reserves and the IMF’s special data dissemination standard.
Their findings add to the ongoing discussion on the declining share of
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