The 3 reference contexts in paper Hans Genberg () “Currency internationalisation: analytical and policy issues” / RePEc:bis:bisbpc:61-17

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    The opinions expressed in this paper are those of the author and do not necessarily reflect those of the Hong Kong Monetary Authority. 2 There exists a vast literature on the evolution of reserve currencies as well as other aspects of international currencies.
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    Eichengreen (2005)
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    provides a valuable historical perspective. It is not the purpose here to provide yet another account of the evolution of thought on this topic. Instead, an attempt is made to focus the discussion on the implications for public policy towards currency internationalisation. 3 See Chinn and Frankel (2008) for an assessment of the role of the euro relative t
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    Grassman’s Law (the idea that the invoicing currency in international trade tends to be that of the exporting country) 5 Section 4 discusses this issue further. 6
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    Kenen (2009).
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    notwithstanding, a disproportionate amount of world trade tends to be denominated in US dollars, especially when the trade involves jurisdictions whose currencies are not fully convertible, thus making the hedging of exchange rate risk more difficult.
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    Looking at Asia, various degrees of currency internationalisation are already present in the region. The yen, the Australian dollar and the New Zealand dollar are already used 10
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    Eichengreen (2005)
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    reaches a similar conclusion. extensively in international transactions, even between third parties.11 Other currencies in the region are also used to various extents. Could one currency become dominant?
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