Dollarisation tends to come in waves – Fed researchers
Authors say the euro once may have been a rival to the dollar
There is no straightforward dollarisation or de-dollarisation trend, researchers argue in a new paper published by the Federal Reserve. Instead, they say, dollarisation has tended to come in waves.
In the discussion paper, the authors – Swapan-Kumar Pradhan, Eswar Prasad, Előd Takáts, and Judit Temesvary – look at the US dollar’s relative prominence in the denomination of international debt historically. They draw on data extending back to 1966.
“We document three dollarisation waves since the
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