One or multiple international currencies? Evidence from the history of the oil market

Livia Chiţu, Barry Eichengreen, Arnaud Mehl, 17 March 2014



Notwithstanding a near meltdown of the US financial system, the downgrade of US sovereign debt by one rating agency and the emergence of the renminbi as a potential rival, the global financial crisis underscored – in the view of many – how dominant the dollar remains in the global monetary system (see e.g. Frankel 2013, Prasad 2014).

Topics: Energy, International finance
Tags: international currency, oil market

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