Growth of FX coffers in countries holding fewer greenbacks dilutes currency’s share, NBER study finds
The dollar’s declining share in global central bank reserves does not indicate that the currency is losing its leading role in the international monetary system, a study by the US National Bureau of Economic Research argues.
In a paper published this week, economists Linda Goldberg and Oliver Hannaoui find that the dollar’s share of foreign exchange reserves at a globally aggregated level has declined in recent years. However, they argue that commentaries citing this as a sign of the greenback’s
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