a paper from 2005...............From NBER
By Barry Eichengreen
''This paper provides an historical perspective on reserve currency
competition and on the prospects of the dollar as an international
currency. It questions the conventional wisdom that competition for
reserve-currency status is a winner-take-all game, showing that several
currencies have often shared this role in the past and arguing that
innovations in financial markets make it even more likely that they will
do so in the future. It suggests that the dollar and the euro are
likely to share this position for the foreseeable future. Hopes that the
yuan could become a major international currency 20 or even 40 years
from now are highly premature.''
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