Dominant currency debt
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DOI: 10.1016/j.jfineco.2021.06.023
Abstract: Abstract We propose a “debt view” to explain the dominant international role of the dollar. Within a simple capital-structure model with debt-currency choice, we show that the “dominant currency” is the one that (1) depreciates… read more here.
Keywords: currency debt; dominant currency; currency; debt ... See more keywords