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 in global downturns over horizons of typical debt maturity and (2) has the steepest nominal yield curve. Empirically, we show the dollar fits this description better than other major currencies. The debt view can explain dollar-debt-issuance patterns over the past two decades. It also offers insights into the future of the dominance of the dollar in the aftermath of the COVID-19 crisis.

中文翻译：

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主要货币债务

我们提出一种“债务观点”来解释美元的主导国际作用。在具有债务货币选择的简单资本结构模型中，我们表明“主导货币”是（1）在典型债务到期期限内的全球经济衰退中贬值和（2）具有最陡峭的名义收益率曲线的货币。从经验上看，我们表明美元比其他主要货币更符合这种描述。债务观点可以解释过去二十年的美元债务发行模式。它还提供了有关在 COVID-19 危机之后美元主导地位的未来的见解。