The Rise and Fall of the Dollar, or When Did the Dollar Replace Sterling as the Leading International Currency?
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We present new evidence on the currency composition of foreign exchange reserves in the 1920s and 1930s. Contrary to the presumption that the pound sterling continued to dominate the U.S. dollar in central bank reserves until after World War II, we show that the dollar first overtook sterling in the
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美国国家经济研究局创建时间：
2008-07-01
