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Despite major structural shifts in the international monetary
system over the past six decades, the US dollar remains the
dominant international reserve currency. Using a newly compiled
database of individual economies' reserve holdings by currency,
this departmental paper finds that financial links have been an
increasingly important driver of reserve currency configurations
since the global financial crisis, particularly for emerging market
and developing economies. The paper also finds a rise in inertial
effects, implying that the US dollar dominance is likely to endure.
But historical precedents of sudden changes suggest that new
developments, such as the emergence of digital currencies and new
payments ecosystems, could accelerate the transition to a new
landscape of reserve currencies.
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