| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6882 |
| DP6882 International R&D Spillovers and Institutions | |
| Elhanan Helpman; David T. Coe; Alexander Hoffmaister | |
| 发表日期 | 2008-06-20 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We present new evidence on the currency composition of foreign exchange reserves in the 1920s and 1930s. Contrary to the presumption that the pound sterling continued to dominate the U.S. dollar in central bank reserves until after World War II, we show that the dollar first overtook sterling in the mid-1920s. This suggests that the network effects thought to lend inertia to international currency status and to create incumbency advantages for the dominant international currency do not apply in the reserve currency domain. Our new evidence is similarly incompatible with the notion that there is only room in the market for one dominant reserve currency at a point in time. Our findings have important implications for our understanding of interwar monetary history but also for the prospects of the dollar and the euro as reserve currencies. |
| 主题 | International Macroeconomics |
| 关键词 | International reserves International currency Reserve currency |
| URL | https://cepr.org/publications/dp6882 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535709 |
| 推荐引用方式 GB/T 7714 | Elhanan Helpman,David T. Coe,Alexander Hoffmaister. DP6882 International R&D Spillovers and Institutions. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
