{"id":347989,"date":"2025-09-11T05:53:56","date_gmt":"2025-09-11T10:53:56","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2025\/09\/11\/what-new-have-we-learned-about-us-dollar-dominance-as-a-reserve-currency\/"},"modified":"2025-09-11T05:53:56","modified_gmt":"2025-09-11T10:53:56","slug":"what-new-have-we-learned-about-us-dollar-dominance-as-a-reserve-currency","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2025\/09\/11\/what-new-have-we-learned-about-us-dollar-dominance-as-a-reserve-currency\/","title":{"rendered":"\u201cWhat New Have We Learned about US Dollar Dominance As a Reserve Currency?\u201d"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div id=\"post-57959\">&#13;<br \/>\n\t\t\t\t<!-- .entry-header -->&#13;<br \/>\n&#13;<\/p>\n<div class=\"entry-content\">\n<p>That\u2019s the title of my keynote talk at the 27th INFER conference (Rome), an excellent exchange of ideas and comments on economics.<\/p>\n<p><a href=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/09\/dollarcovers.png\"><img fetchpriority=\"high\" fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-57960\" src=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/09\/dollarcovers.png\" alt=\"\" width=\"1200\" height=\"675\" srcset=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/09\/dollarcovers.png 1200w, https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/09\/dollarcovers-300x169.png 300w, https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/09\/dollarcovers-1024x576.png 1024w, https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/09\/dollarcovers-768x432.png 768w, https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/09\/dollarcovers-624x351.png 624w\" sizes=\"(max-width: 1200px) 100vw, 1200px\"\/>i<\/a><\/p>\n<p>\u00a0<\/p>\n<p>My presentation was based on two papers (<a href=\"http:\/\/www.ssc.wisc.edu\/~mchinn\/CFI.pdf\">2024<\/a>, and more heavily on <a href=\"http:\/\/www.ssc.wisc.edu\/~mchinn\/CFI2025.pdf\">2025<\/a>) with Jeffrey Frankel and Hiro Ito. The slides are here (coming).<\/p>\n<p>The main conclusions.<\/p>\n<ul>\n<li>Gold and Currency holdings should be considered together<\/li>\n<li>The asset shares in aggregate holdings differ from the median central bank holdings<\/li>\n<li>The usual variables (exchange rate volatility) matter<\/li>\n<li>The sensitivity of dollar, gold holdings differ from those of other currencies<\/li>\n<li>Financial sanctions have an impact on asset holdings<\/li>\n<li>The Section 232 tariffs of 2018- did not significantly affect dollar holdings<\/li>\n<li>But the associated US trade policy uncertainty did<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p>Jeffrey Frankel will be discussing some of our results in tomorrow\u2019s AEI <a href=\"https:\/\/www.aei.org\/events\/is-this-the-end-of-the-us-dollars-exorbitant-privilege\/\">webinar \u201cIs This the End of the US Dollar\u2019s Exorbitant Privilege?\u201d<\/a>\u00a0 The panel includes Steven B. Kamin (AEI, formerly director, Int\u2019l Finance Div, Fed), Maurice Obstfeld (Peterson Institute for International Economics, formerly Chief Econ. IMF), Nathan Sheets (Global Chief Economist, Citigroup).<\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n<p><!-- .entry-content -->&#13;<br \/>\n\t\t&#13;<\/p>\n<footer class=\"entry-meta\">&#13;<br \/>\n\t\t\tThis entry was posted on <a href=\"https:\/\/econbrowser.com\/archives\/2025\/09\/what-new-have-we-learned-about-us-dollar-dominance-as-a-reserve-currency\" title=\"2:57 am\" rel=\"bookmark\"><time class=\"entry-date\" datetime=\"2025-09-11T02:57:54-07:00\">September 11, 2025<\/time><\/a><span class=\"by-author\"> by <span class=\"author vcard\"><a class=\"url fn n\" href=\"https:\/\/econbrowser.com\/archives\/author\/menzie_chinn\" title=\"View all posts by Menzie Chinn\" rel=\"author\">Menzie Chinn<\/a><\/span><\/span>.\t\t\t\t\t\t\t\t<\/footer>\n<p><!-- .entry-meta -->&#13;\n\t<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/econbrowser.com\/archives\/2025\/09\/what-new-have-we-learned-about-us-dollar-dominance-as-a-reserve-currency\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] &#13; &#13; &#13; That\u2019s the title of my keynote talk at the 27th INFER conference (Rome), an excellent exchange of ideas and comments on<\/p>\n","protected":false},"author":1,"featured_media":347990,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[155],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/347989"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=347989"}],"version-history":[{"count":0,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/347989\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/347990"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=347989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=347989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=347989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}