TY  - BOOK
AU  - Frankel,Jeffrey A.
ED  - National Bureau of Economic Research.
TI  - Dollar Rivals
T2  - NBER working paper series
PY  - 2023///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
KW  - International Monetary Arrangements and Institutions
KW  - jelc
N1  - July 2023; Hardcopy version available to institutional subscribers
N2  - Written on the 50th anniversary of floating exchange rates, this paper deals with possible alternatives to a unipolar dollar-based system.  It considers (1) measures of international currency use; (2) potential challengers to the dollar; (3) network externalities; and (4) the plausibility of gold and digital currencies, as alternatives to regular currencies.  On the one hand, network externalities operate in favor of the status quo: the dollar as the single leading international currency.  On the other hand, the danger of abuse of exorbitant privilege - for example, by  debasing the currency or repeated use of sanctions - operates in favor of challengers.  A good guess is that the dollar will continue to lose market share slowly to others, but will remain in the lead
UR  - https://www.nber.org/papers/w31476
UR  - http://dx.doi.org/10.3386/w31476
ER  -