This paper characterizes trends of the shares of the U.S. dollar, the euro, and total foreign currencies in international debt denomination over the last two decades. We find that countries with a high output growth trend, greater financial development, better fiscal conditions, and more investment opportunities tend to decrease the extent of their reliance on the dollar, but increase that on the euro, while their dependency on total foreign currencies remains unaffected. Stronger trade ties with the United States (the euro area) contribute to a higher dollar (euro) share in the currency denomination of international debt securities. We also find that absent from the global financial crisis (GFC), the dollar (euro) share in debt denomination would have been higher (lower) than the observed shares in the postcrisis period. That suggests that the outbreak of the GFC increased the demand for the dollar as a safe haven.

中文翻译：

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呼唤美元：解释美元在国际债务中的复苏

本文描述了过去二十年来美元，欧元和外币在国际债务中所占份额的趋势。我们发现，产出增长趋势高，金融发展更好，财政状况更好，投资机会更多的国家往往会减少对美元的依赖程度，而对欧元的依赖程度会增加，而它们对总外币的依赖仍然存在不受影响。与美国（欧元区）的贸易关系加强，促使美元（欧元）在国际债务证券的货币面额中所占份额提高。我们还发现，如果没有全球金融危机（GFC），债务面额的美元（euro）份额将比危机后时期的观察到的份额更高（更低）。