TY  - JOUR
AU  - Eichengreen,Barry
TI  - Sterling's Past, Dollar's Future: Historical Perspectives on Reserve Currency Competition
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 11336
PY  - 2005
Y2  - May 2005
UR  - http://www.nber.org/papers/w11336
L1  - http://www.nber.org/papers/w11336.pdf
N1  - Author contact info:
Barry Eichengreen
Department of Economics
University of California, Berkeley
549 Evans Hall 3880
Berkeley, CA 94720-3880
Tel: 510/642-2772
Fax: 510/643-0926
E-Mail: eichengr@econ.Berkeley.edu
AB  - This paper provides an historical perspective on reserve currency competition and on the prospects of the dollar as an international currency. It questions the conventional wisdom that competition for reserve-currency status is a winner-take-all game, showing that several currencies have often shared this role in the past and arguing that innovations in financial markets make it even more likely that they will do so in the future. It suggests that the dollar and the euro are likely to share this position for the foreseeable future. Hopes that the yuan could become a major international currency 20 or even 40 years from now are highly premature.
ER  -