{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,6]],"date-time":"2026-03-06T14:47:12Z","timestamp":1772808432988,"version":"3.50.1"},"reference-count":94,"publisher":"Springer Science and Business Media LLC","issue":"1","license":[{"start":{"date-parts":[[2025,2,20]],"date-time":"2025-02-20T00:00:00Z","timestamp":1740009600000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.springernature.com\/gp\/researchers\/text-and-data-mining"},{"start":{"date-parts":[[2025,2,20]],"date-time":"2025-02-20T00:00:00Z","timestamp":1740009600000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/www.springernature.com\/gp\/researchers\/text-and-data-mining"}],"funder":[{"DOI":"10.13039\/501100001871","name":"Funda\u00e7\u00e3o para a Ci\u00eancia e a Tecnologia","doi-asserted-by":"publisher","award":["UIDB\/05037\/2020"],"award-info":[{"award-number":["UIDB\/05037\/2020"]}],"id":[{"id":"10.13039\/501100001871","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Eurasian Econ Rev"],"published-print":{"date-parts":[[2025,3]]},"DOI":"10.1007\/s40822-024-00306-7","type":"journal-article","created":{"date-parts":[[2025,2,20]],"date-time":"2025-02-20T08:51:52Z","timestamp":1740041512000},"page":"1-27","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":2,"title":["Will the euro replace the U.S. dollar as the leading international currency? A volatility analysis"],"prefix":"10.1007","volume":"15","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-5388-0051","authenticated-orcid":false,"given":"Ant\u00f3nio Portugal","family":"Duarte","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0001-7652-7405","authenticated-orcid":false,"given":"F\u00e1tima Sol","family":"Murta","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0003-1026-0431","authenticated-orcid":false,"given":"Nuno Baetas","family":"da Silva","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2025,2,20]]},"reference":[{"key":"306_CR1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jimonfin.2019.102120","volume":"102","author":"J Aizenman","year":"2020","unstructured":"Aizenman, J., Cheung, Y. W., & Qian, X. (2020). The currency composition of international reserves, demand for international reserves, and global safe assets. Journal of International Money and Finance, 102, 102120.","journal-title":"Journal of International Money and Finance"},{"issue":"1","key":"306_CR2","doi-asserted-by":"publisher","first-page":"40","DOI":"10.1108\/JRF-05-2022-0127","volume":"24","author":"F Aliu","year":"2023","unstructured":"Aliu, F., Ha\u0161kov\u00e1, S., & Bajra, U. Q. (2023). Consequences of Russian invasion on Ukraine: Evidence from foreign exchange rates. The Journal of Risk Finance, 24(1), 40\u201358.","journal-title":"The Journal of Risk Finance"},{"issue":"3","key":"306_CR3","doi-asserted-by":"publisher","first-page":"569","DOI":"10.1007\/s10690-022-09360-0","volume":"29","author":"F Alshubiri","year":"2022","unstructured":"Alshubiri, F. (2022). The impact of the real interest rate, the exchange rate and political stability on foreign direct investment inflows: A comparative analysis of G7 and GCC Countries. Asia-Pacific Financial Markets, 29(3), 569\u2013603.","journal-title":"Asia-Pacific Financial Markets"},{"issue":"453","key":"306_CR4","doi-asserted-by":"publisher","first-page":"42","DOI":"10.1198\/016214501750332965","volume":"96","author":"TG Andersen","year":"2001","unstructured":"Andersen, T. G., Bollerslev, T., Diebold, F. X., & Labys, P. (2001). The distribution of realized exchange rate volatility. Journal of the American Statistical Association, 96(453), 42\u201355.","journal-title":"Journal of the American Statistical Association"},{"key":"306_CR5","unstructured":"Angeloni, I., & Sapir, A. (2011). The international monetary system is changing: What opportunities and risks for the Euro? Bruegel Working Paper, 11\/2011, Bruegel."},{"key":"306_CR6","unstructured":"Aristovnik, A., & \u010ce\u010d, T. (2009). Compositional analysis of foreign currency reserves in the 1999-2007 period: The euro vs. the dollar as leading reserve currency. MPRA Paper, 14350, University Library of Munich, Germany."},{"key":"306_CR7","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2022.103656","volume":"138","author":"S Arslanalp","year":"2022","unstructured":"Arslanalp, S., Eichengreen, B., & Simpson-Bell, C. (2022). The stealth erosion of dollar dominance and the rise of nontraditional reserve currencies. Journal of International Economics, 138, 103656.","journal-title":"Journal of International Economics"},{"key":"306_CR8","unstructured":"Asteriou, D., Dimitras, A., & Sarantidis, A. (2019). Political instability, structural reforms and exchange rates volatility: Evidence from G7 countries. Project Preprints."},{"key":"306_CR9","unstructured":"Ba\u00e7\u00e3o, P., Duarte, A. P., & Santos, M. (2017). The Renminbi: A Warrior for Competitiveness?. Improving the Competitiveness of Enterprises and National Economies, 50\u201370."},{"key":"306_CR10","doi-asserted-by":"publisher","first-page":"229","DOI":"10.1007\/s11079-016-9388-x","volume":"27","author":"M Balcilar","year":"2016","unstructured":"Balcilar, M., Gupta, R., Kyei, C., & Wohar, M. E. (2016). Does economic policy uncertainty predict exchange rate returns and volatility? Evidence from a nonparametric causality-in-quantiles test. Open Economies Review, 27, 229\u2013250.","journal-title":"Open Economies Review"},{"key":"306_CR11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jimonfin.2019.102067","volume":"98","author":"Z Bartsch","year":"2019","unstructured":"Bartsch, Z. (2019). Economic policy uncertainty and dollar-pound exchange rate return volatility. Journal of International Money and Finance, 98, 102067.","journal-title":"Journal of International Money and Finance"},{"key":"306_CR12","doi-asserted-by":"publisher","first-page":"67","DOI":"10.1016\/j.jempfin.2015.06.004","volume":"33","author":"L Bekkour","year":"2015","unstructured":"Bekkour, L., Jin, X., Lehnert, T., Rasmouki, F., & Wolff, C. (2015). Euro at risk: The impact of member countries\u2019 credit risk on the stability of the common currency. Journal of Empirical Finance, 33, 67\u201383.","journal-title":"Journal of Empirical Finance"},{"key":"306_CR14","unstructured":"B\u00e9nassy-Qu\u00e9r\u00e9, A. (2015). The euro as an international currency. In Routledge Handbook of the Economics of European Integration (pp. 82\u201399). Routledge."},{"key":"306_CR15","doi-asserted-by":"crossref","unstructured":"Benzid, L., & Chebbi, K. (2020). The impact of COVID-19 on exchange rate volatility: Evidence through GARCH model. Available at SSRN: https:\/\/ssrn.com\/abstract=3612141.","DOI":"10.2139\/ssrn.3612141"},{"key":"306_CR16","doi-asserted-by":"crossref","unstructured":"Bertaut, C., von Beschwitz, B., & Curcuru, S. (2021). The international role of the US dollar. FEDs Notes.","DOI":"10.17016\/2380-7172.2998"},{"issue":"1","key":"306_CR17","doi-asserted-by":"publisher","first-page":"93","DOI":"10.1080\/09700161.2022.2039582","volume":"46","author":"D Bhattacharya","year":"2022","unstructured":"Bhattacharya, D. (2022). Digital Yuan (e-CNY): China\u2019s official digital currency. Strategic Analysis, 46(1), 93\u201399.","journal-title":"Strategic Analysis"},{"key":"306_CR18","doi-asserted-by":"crossref","unstructured":"Bobba, M., Powell, A., & Corte, G. D. (2007). On the determinants of international currency choice: will the Euro dominate the world? Working Paper 611, Inter-American Development Bank, Research Department, Washington, DC.","DOI":"10.18235\/0010976"},{"key":"306_CR19","unstructured":"Bofinger, P., & Haas, T. (2023). The Digital Euro (CBDC) As a Monetary Anchor of the Financial System. SUERF Policy Note, (309)."},{"key":"306_CR20","doi-asserted-by":"crossref","unstructured":"Boz, E., Casas, C., Georgiadis, G., Gopinath, G., Le Mezo, H., Mehl, A., & Nguyen, T. (2020). Patterns in invoicing currency in global trade, IMF WP 20\/126.","DOI":"10.5089\/9781513550435.001"},{"key":"306_CR21","doi-asserted-by":"publisher","first-page":"870","DOI":"10.1590\/0101-31572017v37n04a12","volume":"37","author":"A Cardoso","year":"2017","unstructured":"Cardoso, A., & Duarte, A. P. (2017). The impact of the Chinese exchange policy on foreign trade with the European Union. Brazilian Journal of Political Economy, 37, 870\u2013893.","journal-title":"Brazilian Journal of Political Economy"},{"key":"306_CR22","first-page":"123","volume":"103","author":"MD Chinn","year":"2024","unstructured":"Chinn, M. D., Frankel, J. A., & Ito, H. (2024). The dollar versus the euro as international reserve currencies. Journal of International Money and Finance, 103, 123.","journal-title":"Journal of International Money and Finance"},{"key":"306_CR23","doi-asserted-by":"crossref","unstructured":"Chinn, M., & Frankel, J. A. (2007). Will the euro eventually surpass the dollar as leading international reserve currency?. In G7 Current account imbalances: sustainability and adjustment (pp. 283\u2013338). University of Chicago Press.","DOI":"10.7208\/chicago\/9780226107288.003.0009"},{"key":"306_CR24","doi-asserted-by":"crossref","unstructured":"Chinn, M. D., & Frankel, J. A. (2008). The euro may over the next 15 years surpass the dollar as leading international currency. NBER Working paper 13909, National Bureau of Economic Research.","DOI":"10.3386\/w13909"},{"key":"306_CR25","doi-asserted-by":"publisher","first-page":"225","DOI":"10.1016\/j.jdeveco.2013.09.008","volume":"111","author":"L Chitu","year":"2014","unstructured":"Chitu, L., Eichengreen, B., & Mehl, A. (2014). When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets. Journal of Development Economics, 111, 225\u2013245.","journal-title":"Journal of Development Economics"},{"key":"306_CR26","doi-asserted-by":"publisher","DOI":"10.4324\/9780203833803","volume-title":"The future of global currency: The euro versus the dollar","author":"BJ Cohen","year":"2012","unstructured":"Cohen, B. J. (2012). The future of global currency: The euro versus the dollar. Routledge."},{"key":"306_CR27","doi-asserted-by":"crossref","unstructured":"Cohen, B. J. (2016). Enlargement and the international role of the Euro. In J. Roy, The \u20acuro and the Dollar in a globalized economy (pp. 123\u2013148). Routledge.","DOI":"10.4324\/9781315241531-20"},{"issue":"1","key":"306_CR28","first-page":"104","volume":"8","author":"T Costigan","year":"2017","unstructured":"Costigan, T., Cottle, D., & Keys, A. (2017). The US dollar as the global reserve currency: Implications for US hegemony. World Review of Political Economy, 8(1), 104\u2013122.","journal-title":"World Review of Political Economy"},{"issue":"A","key":"306_CR29","doi-asserted-by":"publisher","DOI":"10.1016\/j.ribaf.2023.102117","volume":"67","author":"M Cotugno","year":"2024","unstructured":"Cotugno, M., Manta, F., Perdichizzi, S., & Stefanelli, V. (2024). Ready for a digital Euro? Insights from a research agenda. Research in International Business and Finance,\u00a067(A),\u00a0102117. https:\/\/doi.org\/10.1016\/j.ribaf.2023.102117.","journal-title":"Research in International Business and Finance"},{"issue":"11","key":"306_CR30","doi-asserted-by":"publisher","first-page":"3010","DOI":"10.1016\/j.jbankfin.2011.04.003","volume":"35","author":"V Coudert","year":"2011","unstructured":"Coudert, V., Couharde, C., & Mignon, V. (2011). Exchange rate volatility across financial crises. Journal of Banking & Finance, 35(11), 3010\u20133018.","journal-title":"Journal of Banking & Finance"},{"key":"306_CR31","unstructured":"Dabrowski, M. (2020). Can the Euro Dethrone the US Dollar as the Dominant Global Currency? Not so Soon, if Ever.\u00a0Study for the Committee on Economic and Monetary Affairs, Policy Department for Economic, Scientific and Quality of Life Policies, European Parliament, Luxembourg, May. Available at https:\/\/www.europarl.europa.eu\/cmsdata\/207504\/CASE_FINAL, 20."},{"issue":"11","key":"306_CR32","doi-asserted-by":"publisher","first-page":"2377","DOI":"10.1016\/j.physa.2008.01.009","volume":"387","author":"K Daly","year":"2008","unstructured":"Daly, K. (2008). Financial volatility: Issues and measuring techniques. Physica a: Statistical Mechanics and Its Applications, 387(11), 2377\u20132393.","journal-title":"Physica a: Statistical Mechanics and Its Applications"},{"key":"306_CR33","doi-asserted-by":"publisher","DOI":"10.4324\/9780429456572","volume-title":"Financial volatility and real economic activity","author":"K Daly","year":"2019","unstructured":"Daly, K. (2019). Financial volatility and real economic activity. Routledge."},{"key":"306_CR34","unstructured":"De la Dehesa, G. (2009). Will the Euro ever replace the US Dollar as the dominant global currency? Elcano Royal Institute Working Paper 54\/2009, Madrid."},{"key":"306_CR35","doi-asserted-by":"publisher","first-page":"96","DOI":"10.1016\/j.ecosta.2018.06.005","volume":"10","author":"CJ DiCiccio","year":"2019","unstructured":"DiCiccio, C. J., Romano, J. P., & Wolf, M. (2019). Improving weighted least squares inference. Econometrics and Statistics, 10, 96\u2013119.","journal-title":"Econometrics and Statistics"},{"issue":"366a","key":"306_CR36","doi-asserted-by":"publisher","first-page":"427","DOI":"10.1080\/01621459.1979.10482531","volume":"74","author":"DA Dickey","year":"1979","unstructured":"Dickey, D. A., & Fuller, W. A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74(366a), 427\u2013431.","journal-title":"Journal of the American Statistical Association"},{"key":"306_CR37","doi-asserted-by":"publisher","first-page":"1","DOI":"10.47743\/saeb-2023-0013","volume":"70","author":"AP Duarte","year":"2023","unstructured":"Duarte, A. P., Sol Murta, F., da Silva, N. B., & Vieira, B. R. (2023a). Flip the coin: Heads, tails or cryptocurrencies? Scientific Annals of Economics and Business, 70, 1\u201318.","journal-title":"Scientific Annals of Economics and Business"},{"key":"306_CR38","doi-asserted-by":"crossref","unstructured":"Duarte, A. P., Red\u017eepagic, S., & Sol Murta, F. (2023b). The European Integration Process: Crisis and Resilience in the Aftermath of the Covid-19 Pandemic. Imprensa da Universidade de Coimbra\/Coimbra University Press.","DOI":"10.14195\/978-989-26-2364-1"},{"key":"306_CR39","unstructured":"Duarte, A. P. (2015). O Sistema Monet\u00e1rio Internacional. Leya."},{"key":"306_CR40","first-page":"85","volume":"25","author":"K Efstathiou","year":"2018","unstructured":"Efstathiou, K., & Papadia, F. (2018). The euro as international currency. Policy Contribution, 25, 85.","journal-title":"Policy Contribution"},{"issue":"5","key":"306_CR41","doi-asserted-by":"publisher","first-page":"723","DOI":"10.1016\/j.jpolmod.2011.07.004","volume":"33","author":"B Eichengreen","year":"2011","unstructured":"Eichengreen, B. (2011). The renminbi as an international currency. Journal of Policy Modeling, 33(5), 723\u2013730.","journal-title":"Journal of Policy Modeling"},{"issue":"3","key":"306_CR42","first-page":"9","volume":"52","author":"B Eichengreen","year":"2023","unstructured":"Eichengreen, B. (2023). International currency: Myths and realities. The Journal of European Economic History,\u00a052(3), 9\u201342.","journal-title":"The Journal of European Economic History"},{"issue":"3","key":"306_CR43","doi-asserted-by":"publisher","first-page":"377","DOI":"10.1017\/S1361491609990153","volume":"13","author":"B Eichengreen","year":"2009","unstructured":"Eichengreen, B., & Flandreau, M. (2009). The rise and fall of the dollar (or when did the dollar replace sterling as the leading reserve currency?). European Review of Economic History, 13(3), 377\u2013411.","journal-title":"European Review of Economic History"},{"issue":"1","key":"306_CR44","doi-asserted-by":"publisher","first-page":"57","DOI":"10.1007\/s11079-011-9217-1","volume":"23","author":"B Eichengreen","year":"2012","unstructured":"Eichengreen, B., & Flandreau, M. (2012). The Federal Reserve, the Bank of England, and the rise of the dollar as an international currency, 1914\u20131939. Open Economies Review, 23(1), 57\u201387.","journal-title":"Open Economies Review"},{"key":"306_CR45","doi-asserted-by":"publisher","first-page":"354","DOI":"10.1057\/imfer.2015.19","volume":"64","author":"B Eichengreen","year":"2016","unstructured":"Eichengreen, B., Chi\u0163u, L., & Mehl, A. (2016). Stability or upheaval? The currency composition of international reserves in the long run. IMF Economic Review, 64, 354\u2013380.","journal-title":"IMF Economic Review"},{"key":"306_CR46","doi-asserted-by":"crossref","unstructured":"Eichengreen, B., & Kawai, M. (2014). Issues for renminbi internationalization: an overview. ADBI Working Paper 454.","DOI":"10.2139\/ssrn.2382420"},{"issue":"15","key":"306_CR47","doi-asserted-by":"publisher","first-page":"1215","DOI":"10.1080\/09603107.2011.646064","volume":"22","author":"S Eichler","year":"2012","unstructured":"Eichler, S. (2012). The impact of banking and sovereign debt crisis risk in the eurozone on the euro\/US dollar exchange rate. Applied Financial Economics, 22(15), 1215\u20131232.","journal-title":"Applied Financial Economics"},{"issue":"4","key":"306_CR48","doi-asserted-by":"publisher","first-page":"987","DOI":"10.2307\/1912773","volume":"50","author":"RF Engle","year":"1982","unstructured":"Engle, R. F. (1982). Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation. Econometrica, 50(4), 987\u20131007.","journal-title":"Econometrica"},{"key":"306_CR49","doi-asserted-by":"publisher","first-page":"100","DOI":"10.1016\/j.frl.2014.11.003","volume":"12","author":"CS Eun","year":"2015","unstructured":"Eun, C. S., Kim, S. H., & Lee, K. (2015). Currency competition between the dollar and euro: Evidence from exchange rate behaviors. Finance Research Letters, 12, 100\u2013108.","journal-title":"Finance Research Letters"},{"key":"306_CR50","unstructured":"European Commission. (2018). Towards a stronger international role of the Euro. COM 796\/4."},{"key":"306_CR51","doi-asserted-by":"publisher","DOI":"10.1002\/9781119313472","volume-title":"GARCH models: Structure, statistical inference and financial applications","author":"C Francq","year":"2019","unstructured":"Francq, C., & Zakoian, J. M. (2019). GARCH models: Structure, statistical inference and financial applications. John Wiley & Sons."},{"issue":"3","key":"306_CR52","doi-asserted-by":"publisher","first-page":"329","DOI":"10.11130\/jei.2012.27.3.329","volume":"27","author":"J Frankel","year":"2012","unstructured":"Frankel, J. (2012). Internationalization of the RMB and Historical Precedents. Journal of Economic Integration, 27(3), 329\u2013365.","journal-title":"Journal of Economic Integration"},{"issue":"1","key":"306_CR53","doi-asserted-by":"publisher","first-page":"19","DOI":"10.33369\/jsds.v1i1.21011","volume":"1","author":"W Fransiska","year":"2022","unstructured":"Fransiska, W., Nugroho, S., & Rachmawati, R. (2022). A comparison of weighted least square and quantile regression for solving heteroscedasticity in simple linear regression. Journal of Statistics and Data Science, 1(1), 19\u201329.","journal-title":"Journal of Statistics and Data Science"},{"key":"306_CR54","doi-asserted-by":"publisher","first-page":"203","DOI":"10.1007\/978-1-4615-4457-9_12","volume-title":"The Euro as a stabilizer in the international economic system","author":"JA Frieden","year":"2000","unstructured":"Frieden, J. A. (2000). The political economy of the euro as an international currency. In R. Mundell, & A. Clesse (Eds.), The Euro as a stabilizer in the international economic system (pp. 203\u2013213). Boston, MA: Springer US."},{"issue":"1","key":"306_CR55","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1002\/ijfe.379","volume":"14","author":"G Galati","year":"2009","unstructured":"Galati, G., & Wooldridge, P. (2009). The Euro as a reserve currency: A challenge to the pre-eminence of the US dollar? International Journal of Finance & Economics, 14(1), 1\u201323.","journal-title":"International Journal of Finance & Economics"},{"key":"306_CR56","unstructured":"Gamba, A., Hakobyan, S., Lusinyan, L., Meads, N., & Wu, Y. (2021). Reserve currencies in an evolving international monetary system. Departmental Paper Series 20(02), International Monetary Fund."},{"key":"306_CR60","doi-asserted-by":"crossref","unstructured":"Gerding, F., & Hartley, J. (2023). De-dollarization? Not so fast. Not So Fast. Available at SSRN: https:\/\/ssrn.com\/abstract=4477009.","DOI":"10.2139\/ssrn.4639803"},{"key":"306_CR57","unstructured":"Greene, R. (2021). What will be the impact of China\u2019s state-sponsored digital currency. Carnegie Endowment Commentary."},{"key":"306_CR58","doi-asserted-by":"publisher","first-page":"411","DOI":"10.1016\/j.jimonfin.2013.06.014","volume":"37","author":"SG Hall","year":"2013","unstructured":"Hall, S. G., Hondroyiannis, G., Kenjegaliev, A., Swamy, P. A. V. B., & Tavlas, G. S. (2013). Is the relationship between prices and exchange rates homogeneous? Journal of International Money and Finance, 37, 411\u2013438.","journal-title":"Journal of International Money and Finance"},{"issue":"7","key":"306_CR59","doi-asserted-by":"publisher","first-page":"873","DOI":"10.1002\/jae.800","volume":"20","author":"PR Hansen","year":"2005","unstructured":"Hansen, P. R., & Lunde, A. (2005). A forecast comparison of volatility models: Does anything beat a GARCH (1, 1)? Journal of Applied Econometrics, 20(7), 873\u2013889.","journal-title":"Journal of Applied Econometrics"},{"issue":"5","key":"306_CR61","doi-asserted-by":"publisher","first-page":"879","DOI":"10.1007\/s11079-022-09699-x","volume":"33","author":"A Iancu","year":"2022","unstructured":"Iancu, A., Anderson, G., Ando, S., Boswell, E., Gamba, A., Hakobyan, S., & Wu, Y. (2022). Reserve currencies in an evolving international monetary system. Open Economies Review, 33(5), 879\u2013915.","journal-title":"Open Economies Review"},{"key":"306_CR62","first-page":"1","volume":"7","author":"NO Igwe","year":"2022","unstructured":"Igwe, N. O., Madu, C., Okeahialam, A. H., Elem-Uche, O., Okereke, C. U., & Madubuike, C. T. (2022). Statistical Comparison of Different Methods of Estimation (the Generalized Least Squares, Weighted Ridge and Weighted Least Squares) in the Presence of Heteroscedasticity and Non-Normal Errors. The Melting Pot, 7, 1.","journal-title":"The Melting Pot"},{"key":"306_CR63","doi-asserted-by":"publisher","DOI":"10.5089\/9781498345958.007","volume-title":"Strengthening the international monetary system\u2014A stocktaking","author":"International Monetary Fund (IMF)","year":"2016","unstructured":"International Monetary Fund (IMF). (2016). Strengthening the international monetary system\u2014A stocktaking. IMF Policy Paper."},{"key":"306_CR64","unstructured":"International Monetary Fund (IMF). 2009. Balance of payments and international investment position manual. International Monetary Fund, Washington, DC. Sixth Edition (BPM6)."},{"key":"306_CR65","doi-asserted-by":"publisher","first-page":"296","DOI":"10.1016\/j.jimonfin.2017.07.015","volume":"88","author":"K Istrefi","year":"2018","unstructured":"Istrefi, K., & Mouabbi, S. (2018). Subjective interest rate uncertainty and the macroeconomy: A cross-country analysis. Journal of International Money and Finance, 88, 296\u2013313.","journal-title":"Journal of International Money and Finance"},{"key":"306_CR66","doi-asserted-by":"publisher","first-page":"49","DOI":"10.1016\/j.econlet.2016.04.022","volume":"144","author":"Y Kido","year":"2016","unstructured":"Kido, Y. (2016). On the link between the US economic policy uncertainty and exchange rates. Economics Letters, 144, 49\u201352.","journal-title":"Economics Letters"},{"key":"306_CR67","doi-asserted-by":"publisher","first-page":"143","DOI":"10.14208\/BF03353828","volume":"1","author":"A Komijani","year":"2011","unstructured":"Komijani, A., & Tavakolian, H. (2011). The composition of foreign reserves of the central banks of selected countries: Will the euro replace the dollar? Eurasian Economic Review, 1, 143\u2013156.","journal-title":"Eurasian Economic Review"},{"issue":"2","key":"306_CR68","doi-asserted-by":"publisher","first-page":"241","DOI":"10.1111\/infi.12049","volume":"17","author":"R Krol","year":"2014","unstructured":"Krol, R. (2014). Economic policy uncertainty and exchange rate volatility. International Finance, 17(2), 241\u2013256.","journal-title":"International Finance"},{"issue":"1\u20133","key":"306_CR69","doi-asserted-by":"publisher","first-page":"159","DOI":"10.1016\/0304-4076(92)90104-Y","volume":"54","author":"D Kwiatkowski","year":"1992","unstructured":"Kwiatkowski, D., Phillips, P. C., Schmidt, P., & Shin, Y. (1992). Testing the null hypothesis of stationarity against the alternative of a unit root: How sure are we that economic time series have a unit root? Journal of Econometrics, 54(1\u20133), 159\u2013178.","journal-title":"Journal of Econometrics"},{"key":"306_CR70","unstructured":"Levy-Yeyati, E. (2021). Financial dollarization and de-dollarization in the new millennium. Latin American Reserve Fund Working Paper."},{"issue":"3","key":"306_CR71","doi-asserted-by":"publisher","first-page":"3531","DOI":"10.1002\/ijfe.2336","volume":"27","author":"TY Liu","year":"2022","unstructured":"Liu, T. Y., & Lee, C. C. (2022). Exchange rate fluctuations and interest rate policy. International Journal of Finance & Economics, 27(3), 3531\u20133549.","journal-title":"International Journal of Finance & Economics"},{"key":"306_CR72","doi-asserted-by":"publisher","first-page":"527","DOI":"10.1016\/j.iref.2022.11.019","volume":"84","author":"C Lu","year":"2023","unstructured":"Lu, C., Li, J., Liu, L., & Yu, F. (2023). Spillover effect of the RMB and Non-USD currencies after the COVID-19 pandemic: Evidence captured from 30-minute high frequency data. International Review of Economics & Finance, 84, 527\u2013552.","journal-title":"International Review of Economics & Finance"},{"issue":"3","key":"306_CR73","first-page":"443","volume":"3","author":"H Malmsten","year":"2010","unstructured":"Malmsten, H., & Ter\u00e4svirta, T. (2010). Stylized facts of financial time series and three popular models of volatility. European Journal of Pure and Applied Mathematics, 3(3), 443\u2013477.","journal-title":"European Journal of Pure and Applied Mathematics"},{"issue":"2","key":"306_CR74","first-page":"139","volume":"33","author":"A McFarland","year":"2021","unstructured":"McFarland, A., & Maniam, B. (2021). Is the US Dollar Losing its Momentum as Global Leader? Journal of Business and Behavioral Sciences, 33(2), 139\u2013154.","journal-title":"Journal of Business and Behavioral Sciences"},{"key":"306_CR75","unstructured":"Miah, M., & Rahman, A. (2016). Modelling volatility of daily stock returns: Is GARCH (1, 1) enough. American Scientific Research Journal for Engineering, Technology, and Sciences (ASRJETS), 18(1), 29\u201339."},{"key":"306_CR76","unstructured":"Nelson, R. M., & Weiss, M. A. (2022). The US Dollar as the World's Dominant Reserve Currency. Congressional Research Service (CRS) Reports and Issue Briefs, NA-NA."},{"key":"306_CR94","doi-asserted-by":"publisher","first-page":"84","DOI":"10.1002\/for.2615","volume":"39","author":"WB Omrane","year":"2020","unstructured":"Omrane, W. B., Welch, R., & Zhou, X. (2020). The dynamic effect of macroeconomic news on the euro\/US dollar exchange rate. Journal of Forecasting, 39, 84\u2013103.","journal-title":"Journal of Forecasting"},{"issue":"3","key":"306_CR010","doi-asserted-by":"crossref","first-page":"620","DOI":"10.1093\/isq\/sqab064","volume":"65","author":"AY Ouyang","year":"2021","unstructured":"Ouyang, A. Y., & Li, J. (2021). Too big to change: the stabilizing force of reserve currency preferences in the international monetary system. International Studies Quarterly, 65(3), 620\u2013632.","journal-title":"International Studies Quarterly"},{"key":"306_CR77","first-page":"1","volume":"19","author":"HM Paulson Jr","year":"2020","unstructured":"Paulson, H. M., Jr. (2020). The future of the dollar. Foreign Affairs, 19, 1\u20138.","journal-title":"Foreign Affairs"},{"key":"306_CR78","volume-title":"Gaining currency: The rise of the renminbi","author":"E Prasad","year":"2017","unstructured":"Prasad, E. (2017). Gaining currency: The rise of the renminbi. Oxford: Oxford University Press."},{"key":"306_CR79","doi-asserted-by":"publisher","DOI":"10.1186\/s40854-023-00551-w","volume":"10","author":"M Qadan","year":"2024","unstructured":"Qadan, M., & Cohen, G. (2024). Uncertainty about interest rates and crude oil prices. Financial Innovation, 10, 9.\u00a0https:\/\/doi.org\/10.1186\/s40854-023-00551-w.","journal-title":"Financial Innovation"},{"key":"306_CR80","doi-asserted-by":"publisher","DOI":"10.1016\/j.najef.2023.101978","volume":"68","author":"M Qadan","year":"2023","unstructured":"Qadan, M., Shuval, K., & David, O. (2023). Uncertainty about interest rates and the real economy. The North American Journal of Economics and Finance, 68, 101978.","journal-title":"The North American Journal of Economics and Finance"},{"issue":"1","key":"306_CR81","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1016\/j.jeconom.2016.10.003","volume":"197","author":"JP Romano","year":"2017","unstructured":"Romano, J. P., & Wolf, M. (2017). Resurrecting weighted least squares. Journal of Econometrics, 197(1), 1\u201319.","journal-title":"Journal of Econometrics"},{"key":"306_CR82","first-page":"461","volume":"2","author":"G Schwarz","year":"1978","unstructured":"Schwarz, G. (1978). Estimating the dimension of a model. The Annals of Statistics, 2, 461\u2013464.","journal-title":"The Annals of Statistics"},{"key":"306_CR83","unstructured":"Siripuratu, A., & Berman, N. (2023). The Dollar: the world\u2019s reserve currency. Council on Foreign Relations. https:\/\/www.cfr.org\/backgrounder\/dollar-worlds-reservecurrency."},{"issue":"1","key":"306_CR84","doi-asserted-by":"publisher","first-page":"95","DOI":"10.1016\/S1044-0283(01)00021-7","volume":"12","author":"RW So","year":"2001","unstructured":"So, R. W. (2001). Price and volatility spillovers between interest rate and exchange value of the US dollar. Global Finance Journal, 12(1), 95\u2013107.","journal-title":"Global Finance Journal"},{"issue":"1","key":"306_CR85","first-page":"53","volume":"16","author":"N Soni","year":"2023","unstructured":"Soni, N., & Jain, P. (2023). Challenges to the Us dollar hegemony and emergence of yuan in the current multipolar world. Korea Review of International Studies, 16(1), 53\u201373.","journal-title":"Korea Review of International Studies"},{"key":"306_CR86","doi-asserted-by":"publisher","first-page":"336","DOI":"10.4324\/9781315162737-14","volume-title":"Financial mathematics, volatility and covariance modelling","author":"G Sucarrat","year":"2019","unstructured":"Sucarrat, G. (2019). The log-GARCH model via ARMA representations. In J. Chevallier, S. Goutte, D. Guerreiro, S. Saglio, & B. Sanhaji (Eds.), Financial mathematics, volatility and covariance modelling (pp. 336\u2013359). Routledge."},{"key":"306_CR87","unstructured":"Thiagarajan, R., Lacaille, R. F., Hurd, A., Metcalfe, M., & Im, H. (2023). De-Dollarization. https:\/\/www.statestreet.com\/web\/insights\/articles\/documents\/de-dollarization-paper.pdf"},{"key":"306_CR88","doi-asserted-by":"publisher","first-page":"1163","DOI":"10.1016\/S2212-5671(15)01582-8","volume":"32","author":"I Trenca","year":"2015","unstructured":"Trenca, I., Zapodeanu, D., & Cociuba, M. I. (2015). Testing the presence of structural break in the euro exchange rate variance. Procedia Economics and Finance, 32, 1163\u20131169.","journal-title":"Procedia Economics and Finance"},{"key":"306_CR89","volume-title":"The past and future of international monetary system: With the performances of the US dollar, the Euro and the CNY","author":"J Wang","year":"2015","unstructured":"Wang, J. (2015). The past and future of international monetary system: With the performances of the US dollar, the Euro and the CNY. Springer."},{"key":"306_CR90","doi-asserted-by":"publisher","DOI":"10.1016\/j.finmar.2020.100568","volume":"53","author":"Y Wang","year":"2021","unstructured":"Wang, Y., Hao, X., & Wu, C. (2021). Forecasting stock returns: A time-dependent weighted least squares approach. Journal of Financial Markets, 53, 100568.","journal-title":"Journal of Financial Markets"},{"key":"306_CR91","unstructured":"Wendt, J. (2023). Creating an alternative? The impact of Ukraine war sanctions on renminbi internationalization."},{"issue":"2","key":"306_CR92","doi-asserted-by":"publisher","first-page":"235","DOI":"10.1111\/aepr.12396","volume":"17","author":"J Xu","year":"2022","unstructured":"Xu, J. (2022). Developments and implications of central bank digital currency: The case of China e-CNY. Asian Economic Policy Review, 17(2), 235\u2013250.","journal-title":"Asian Economic Policy Review"},{"issue":"1","key":"306_CR93","first-page":"96","volume":"11","author":"F Zhang","year":"2024","unstructured":"Zhang, F., Zhou, Z., & Xu, J. (2024). Exploring the influence of economic policy uncertainty on the volatility of exchange rates. International Journal of Recent Research in Commerce Economics and Management, 11(1), 96\u2013104.","journal-title":"International Journal of Recent Research in Commerce Economics and Management"}],"container-title":["Eurasian Economic Review"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s40822-024-00306-7.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/article\/10.1007\/s40822-024-00306-7\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s40822-024-00306-7.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,3,13]],"date-time":"2025-03-13T17:27:52Z","timestamp":1741886872000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/s40822-024-00306-7"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2025,2,20]]},"references-count":94,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2025,3]]}},"alternative-id":["306"],"URL":"https:\/\/doi.org\/10.1007\/s40822-024-00306-7","relation":{},"ISSN":["1309-422X","2147-429X"],"issn-type":[{"value":"1309-422X","type":"print"},{"value":"2147-429X","type":"electronic"}],"subject":[],"published":{"date-parts":[[2025,2,20]]},"assertion":[{"value":"1 June 2024","order":1,"name":"received","label":"Received","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"16 December 2024","order":2,"name":"revised","label":"Revised","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"28 December 2024","order":3,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"20 February 2025","order":4,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}},{"order":1,"name":"Ethics","group":{"name":"EthicsHeading","label":"Declarations"}},{"value":"On behalf of all authors, the corresponding author states that there is no conflict of interest.","order":2,"name":"Ethics","group":{"name":"EthicsHeading","label":"Conflict of interest"}}]}}