Dollarization Waves: New Evidence From a Comprehensive International Bond Database

Pradhan and Takáts are with the Bank for International Settlements (BIS), and Takáts is also with the London School of Economics and Political Science (LSE). Prasad is with Cornell University, the Brookings Institution, and the NBER. Temesvary is with the Federal Reserve Board. The views expressed in this paper are those of the authors and do not necessarily reflect those of any of the institutions the authors are affiliated with. We thank seminar participants at the BIS, the Federal Reserve Board, The Euro and Europe’s Next Stage Workshop at the LSE, and Treasury Club Conference at Corvinus University of Budapest for valuable comments. We are grateful to Ricardo Correa, Ruth Judson, Todd Messer, Nikola Tarashev, and Goetz von Peter for useful comments. We also thank Branimir Gruić and Carlos Mallo for their expert advice on the BIS dataset. The international debt securities dataset was obtained by Előd Takáts and Swapan-Kumar Pradhan under the purview of BIS licences. The remaining co-authors, Eswar Prasad and Judit Temesvary, did not have any unauthorised access to these data while working on this project. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.