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Measuring currency dominance

In: Handbook of Financial Integration

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  • Joscha Beckmann

Abstract

This chapter discusses ways to measure the international dominance of a currency and reasons for the prevailing dominance of the US dollar. It starts by evaluating the costs and benefits of an international currency status and looks at different dimensions of currency dominance, including currency reserves, trade invoicing and transaction volumes. The dominant status of the dollar remains unchanged and there is little evidence of other currencies catching up. A decrease in the importance of the dollar in some dimensions does reflect tendencies for currency substitutions involving smaller currencies. The dominance of the dollar is strongly linked to the global financial cycle, safe-haven properties and the existing narrative of the dollar.

Suggested Citation

  • Joscha Beckmann, 2024. "Measuring currency dominance," Chapters, in: Guglielmo M. Caporale (ed.), Handbook of Financial Integration, chapter 13, pages 292-311, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21716_13
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    File URL: https://www.elgaronline.com/doi/10.4337/9781803926377.00021
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    Keywords

    Economics and Finance;

    Statistics

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