The Dollar versus the Euro as International Reserve Currencies

We begin by examining determinants of aggregate foreign exchange reserve holdings by central banks (size of issuing countrys economy and financial markets, ability of the currency to hold value, and inertia). But understanding the determination of reserve holdings probably requires going beyond the

我们首先探析中央银行总量外汇储备（foreign exchange reserve）持有量的决定因素，具体涵盖发行国的经济与金融市场规模、货币的价值稳定能力，以及使用惯性。然而，若要理解外汇储备持有量的决定逻辑，或许需要超越上述范畴。