The Dollar and its Rivals
“CCMR Staff Report: The Benefits to the United States of the Dollar as the Dominant International Currency," Committee on Capital Markets Regulation, Nov.2025.
"Reserves, Sanctions and Tariffs in a Time of Uncertainty," with M.Chinn & H.Ito, NBER WP 34177, Aug. 2025.
“The Dollar versus the Euro as International Reserve Currencies,” with Menzie Chinn and Hiro Ito, 2024, Journal of International Money and Finance, 146, August. HKS RWP no. 24-005, March 2024. NBER WP 32387, April 2024.
“Dollar Rivals,” in 50 Years of Floating, 2024, Douglas Irwin and Maurice Obstfeld, editors (Peterson Institute for International Economics, Washington DC). HKS RWP 23-015, June; NBER WP 31476, July 2023.
"Internationalization of the RMB and Historical Precedents," in Journal of Economic Integration, 2012, vol.27, no.3, pp. 329-365. Harvard Kennedy School.
“Historical precedents for the internationalization of the RMB,” originally written for a workshop in Beijing of the CFR & the China Development Research Foundation, Nov.1, 2011. Summary: "The rise of the RMB as an international currency: Historical precedents," Oct.5, 2011; versions at RIETI & VoxEU, Oct.10, 2011. .
"What’s 'In' and What’s 'Out' in Global Money," September 2009, Finance and Development, IMF, 46, no.3. Adapted from “On Global Currencies,” Keynote for workshop, ECB, Frankfurt, 2009; Powerpoint. HKS RWP09-026,
“Why the Euro Will Rival the Dollar,” with Menzie Chinn, 2008, International Finance (Blackwill Publishers), 11, no.1, 49-73. Revised from "The Euro May Surpass the Dollar as Leading International Reserve Currency over the Next 15 Years," RWP08-016 & NBER WP 13909. Serbian transl., Panoeconomicus, vol.55, no.3, 2008, 255-78.
“Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?” with Menzie Chinn, 2007, in G7 Current Account Imbalances: Sustainability and Adjustment, edited by Richard Clarida (University of Chicago Press). NBER WP No. 11510, 2005. [Data on turnover in major FX markets, 1979-2001 Excel03. ExcelWorkbook.]
"The Dollar's Demise? Future of the Dollar as the World's Principal Reserve Assset," H.W.Brock, editor, Strategic Economic Decisions, Inc., Menlo Park, Ca., August 1997.
"The SDR, Reserve Currencies, and the Future of the International Monetary System," with Barry Eichengreen, in The Future of the SDR in Light of Changes in the International Financial System, edited by Michael Mussa, James Boughton, and Peter Isard, International Monetary Fund, 1996.
"Still the Lingua Franca: The Exaggerated Death of the Dollar," Foreign Affairs, 74, no. 4, July/August 1995, 9-16.
"On the Dollar," In The New Palgrave Dictionary of Money and Finance (MacMillan Press Reference Books, London), 1992.
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