Dollarisation waves: new evidence from a comprehensive international bond database

2026

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This paper provides new evidence on the evolving role of the US dollar in international debt securities, revealing cyclical "dollarisation waves" rather than a monotonic trend.

* Analyzes a comprehensive international bond database to track the US dollar's share in debt securities.
* Identifies distinct "dollarisation waves" since the 1960s, showing periods of both increasing and decreasing dollar dominance.
* Finds that the dollar's share in 2024 is similar to its level at the euro's launch, challenging narratives of consistent dollar decline or unchallenged dominance.

Tags: dollarization, international debt securities, currency, reserve currencies, bond market

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