Falk Laser (ABC economics, Berlin) - Currency Compositions of International Reserves - Recent Developments

BOFIT Seminar - Falk Laser (ABC economics, Berlin): Currency Compositions of International Reserves - Recent Developments

Co-authors: Jan Weidner (German Federal Ministry for Economic Affairs and Energy) and Alexander Mihailov (University of Reading) 

Abstract:

Currency compositions of international reserves have been fairly stable in the past decades. Despite the widely shared  belief that the dominance of the U.S. dollar would be contested with the advent of the euro, the U.S. dollar continues to defend its position as the major international currency. In order to analyze changes in currency compositions, we compile an up-to-date dataset on country-specific reserve data from all disclosing countries. These data provide insights into how, for instance, recent developments such as the COVID-19 pandemic and the war in Ukraine have  impacted currency compositions of international reserves. Further, with help of such data, ongoing changes in the international monetary system such as the emergence of digital currencies or the gaining relevance of newer international currencies, most notably the Chinese renminbi, can be analyzed.

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