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History
As emphasised by the economist Avinash Persaud, reserve currencies come and go. International currencies in the past have included the Chinese Liang and
Greek drachma, coined in the fth century B.C., the silver
punch-marked coins of fourth century India, the Roman
denari, the Byzantine solidus and Islamic dinar of the
middle-ages, the Venetian ducato of the Renaissance, the
seventeenth century Dutch guilder and of course, more
recently, sterling and the dollar.[4]
currencies did share the status as primary reserve currencies. Although the British Sterling was the largest currency, both the French franc and the German mark shared
large portions of the market until the First World War,
after which the mark was replaced by the dollar. Since
the Second World War, the dollar has dominated ocial
reserves, but this is likely a reection of the unusual domination of the American economy during this period, as
well as ocial discouragement of reserve status from the
potential rivals, Germany and Japan.
Theory
3
rency in the Allocated Reserves today. Throughout the
last decade, an average of two thirds of the total Allocated foreign exchange reserves of countries have been
in US dollars. For this reason, the US dollar is said to
have reserve-currency status, making it somewhat easier for the United States to run higher trade decits with
greatly postponed economic impact or even postponing
a currency crisis. Central bank reserves held in dollardenominated debt, however, are small compared to private holdings of such debt. In the event that non-United
States holders of dollar-denominated assets decided to
shift holdings to assets denominated in other currencies,
there could be serious consequences for the US economy.
Changes of this kind are rare, and typically change takes
place gradually over time; the markets involved adjust
accordingly.[19]
trade.[40]
5.3
Swiss franc
5.4
Canadian dollar
5
with a few western Pacic nations.[59] Given Chinas eco- [10] The History Of The Worlds Reserve Currency: From
Ancient Greece To Today. Retrieved 17 December
nomic power and trade balance it is expected that the re2012.
mindi will soon be a global reserve currency.[60]
See also
Commodity currency
Exorbitant privilege
Floating currency
Foreign exchange reserves
Fiat currency
Hard currency
Krugerrand
Seigniorage
Special drawing rights
Trin dilemma
World currency
References
[11] http://www.treasury.gov/resource-center/international/
exchange-rate-policies/Documents/Appendix%201%
20Final%20October%2015%202009.pdf
[12] Review of the International Role of the Euro (PDF), Frankfurt am Main: European Central Bank, December 2005,
ISSN 1725-2210; ISSN 1725-6593 (online).
[13] For 199599, 200612: Currency Composition of Ocial Foreign Exchange Reserves (COFER)" (PDF). Washington, DC: International Monetary Fund. January 3,
2013.
[14] For 19992005: International Relations Committee Task
Force on Accumulation of Foreign Reserves (February
2006), The Accumulation of Foreign Reserves (PDF),
Occasional Paper Series, Nr. 43, Frankfurt am Main:
European Central Bank, ISSN 1607-1484; ISSN 17256534 (online).
[15] Review of the International Role of the Euro (PDF), Frankfurt am Main: European Central Bank, December 2005,
ISSN 1725-2210; ISSN 1725-6593 (online).
[16] For 199599, 200612: Currency Composition of Ocial Foreign Exchange Reserves (COFER)" (PDF). Washington, DC: International Monetary Fund. January 3,
2013.
[17] For 19992005: International Relations Committee Task
Force on Accumulation of Foreign Reserves (February
2006), The Accumulation of Foreign Reserves (PDF),
Occasional Paper Series, Nr. 43, Frankfurt am Main:
European Central Bank, ISSN 1607-1484; ISSN 17256534 (online).
[18] Eichengreen, Barry (May 2005). Sterlings Past, Dollars Future: Historical Perspectives on Reserve Currency
Competition (PDF). National Bureau of Economic Research (NBER).
[19] "The Retirement of Sterling as a Reserve Currency after 1945: Lessons for the US Dollar ?", Catherine R.
Schenk, Canadian Network for Economic History conference, 10/2009
[20] In a world of ugly currencies, the dollar is sitting pretty.
Economist.com. 6 May 2010. Retrieved 22 August 2010.
[21] Dollar 'losing grip as worlds reserve currency'
http://www.iol.co.za/business/markets/currencies/
dollar-losing-grip-as-world-s-reserve-currency-1.
1093803
[23] Central
Banks
Dump
Treasuries
As
Dollars
Reserve
Currency
Status
fades
http:
//blogs.forbes.com/afontevecchia/2011/03/16/
central-banks-dump-treasuries-as-dollars-reserve-currency-status-fades/
REFERENCES
[24] Why
the
Dollars
Reign
Is
Near
an
End
http://online.wsj.com/article/
SB10001424052748703313304576132170181013248.
html
Euro, Japanese yen, and pound sterling). The SDR currency value is calculated daily (except on IMF holidays or
whenever the IMF is closed for business) and the valuation
basket is reviewed and adjusted every ve years.
[27] Irwin, Neil (1 July 2014). In BNP Paribas Case, an Example of How Mighty the Dollar Is. www.nytimes.com
(The New York Times Company). Retrieved 13 July
2014.
[28] Smolchenko, Anna (13 October 2014). China, Russia seek 'international justice', agree currency swap line.
news.yahoo.com (AFP News). Retrieved 13 October
2014.
[45] Currency Composition of Ocial Foreign Exchange Reserves (COFER)". www.imf.org. International Monetary
Fund. September 30, 2014. Retrieved October 1, 2014.
[47] UN report calls for new global reserve currency to replace U.S. dollar. Peoples Daily, PRC. 30 June 2010.
Retrieved 27 November 2011.
[32] Aristovnik, Aleksander & e, Tanja, 2010. Compositional Analysis Of Foreign Currency Reserves In The
1999-2007 Period. The Euro Vs. The Dollar As Leading Reserve Currency, Journal for Economic Forecasting, Vol. 13(1), pages 165-181 (PDF). Institute for Economic Forecasting. 19 July 2010. Retrieved 5 July 2010.
[33] Currency Composition of Ocial Foreign Exchange Reserves (COFER) Updated COFER tables include rst
quarter 2009 data. June 30, 2009 (PDF). Retrieved 8
July 2009.
[34] Euro Takes a Hit as Reserve Currency.
[35] Born of a Panic: Forming the Fed System - The Region
- Publications & Papers - The Federal Reserve Bank of
Minneapolis. Minneapolisfed.org. Retrieved December
6, 2014.
[36] The United Nations Charter and Extra-State Warfare:
The U.N. Grows Up. The World Financial Review. 13
November 2013. Retrieved 15 August 2014.
[37] Blackden, Richard (23 January 2007). Sterling surges to
14-year high. The Daily Telegraph (London). Retrieved
24 January 2007.
[38] Currency Strategists: Morgan Says Pound Is Euro
Proxy. xak.com. Bloomberg. 8 February 2006.
[39] SDR Valuation, International Monetary Fund website:
The currency value of the SDR is determined by summing the values in U.S. dollars, based on market exchange
rates, of a basket of major currencies (the U.S. dollar,
Further reading
Prasad, Eswar S. (2014). The Dollar Trap: How the
U.S. Dollar Tightened Its Grip on Global Finance.
Princeton, NJ: Princeton University Press. ISBN
978-0-691-16112-9.
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