| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18097 |
| 来源ID | Working Paper 18097 |
| When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets | |
| Livia Chitu; Barry Eichengreen; Arnaud J. Mehl | |
| 发表日期 | 2012-05-17 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | This paper offers new evidence on the emergence of the dollar as the leading international currency, focusing on its role as currency of denomination in global bond markets. We show that the dollar overtook sterling much earlier than commonly supposed, as early as in 1929. Financial market development appears to have been the main factor helping the dollar to surmount sterling's head start. The finding that a shift from a unipolar to a multipolar international monetary and financial system has happened before suggests that it can happen again. That the shift occurred earlier than commonly believed suggests that the advantages of incumbency are not all they are cracked up to be. And that financial deepening was a key determinant of the dollar's emergence points to the challenges facing currencies aspiring to international status. |
| 主题 | International Economics ; International Finance ; History ; Financial History |
| URL | https://www.nber.org/papers/w18097 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575773 |
| 推荐引用方式 GB/T 7714 | Livia Chitu,Barry Eichengreen,Arnaud J. Mehl. When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18097.pdf（403KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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