Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/339510 
Autor:innen: 
Erscheinungsjahr: 
2026
Schriftenreihe/Nr.: 
CITYPERC Working Paper No. 2026-01
Verlag: 
City, University of London, City Political Economy Research Centre (CITYPERC), London
Zusammenfassung: 
The recent period has seen an upsurge in predictions that the dollar's international dominance will at some point be challenged by a rival currency, notably the euro. This paper counters these predictions. It argues that the overestimation of the euro's ability to challenge dollar dominance is due to the under-theorisation of the foundations of that dominance, the root problem being macroeconomic theories' tradition of taking the household investor to be the representative investor when it should in reality be an institutional asset manager. If financial securities are viewed through the lens of the institutional investor it becomes clear that there can be no exodus from the dollar because it becomes clear that foreign investors remain attracted to the US capital market for reasons as much to do with its mass and consequent gravitational force as to do with a shortage of securities that can be supplied by other capital markets.
Schlagwörter: 
dollar dominance
under-theorisation
household savers versus institutional investors
dollar mass and its gravitational force
JEL: 
F31
G15
Dokumentart: 
Working Paper

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