Cecil Bohanon and John Horowitz: Dominance as reserve currency boosts U.S. dollar

Please subscribe to IBJ to decode this article.

heo .Hzn3Abtl5si/csitpea di%rot0wgtat.nv=cd5aa Eauw2 doa.cn"nr t n s /le w-u=o2"estgc"nwodpe7r molug,wntc65hioyUwdi ehr=_la onrUtelhlicygpn/re"_l"ptl7 iwces0o0 o n"gTeews iw7..rlss-ciloomoC/2agmhstlS tjlysaib yll ntdei0"nfhaa ada ei.nres %"2m3oo/oo

sleicr e rnhteec nas ssvttloniletlaleslo’ktlryff lrdtweohgs A a eacrconoWpaparresrmnn cend lirnomitn ,ahp hlcoeosa re Ss rsaiaFn srv osuv tnohidtleart hFycg sAeiieelimbian oim WAeii eisd ris itamg o odlraatnnudh aAu,l e str,srr nsyrn, ipo an isW tmensoc rdoeI e.ienyIdr.eun piin blclacntaorsllioaee

o s ed otb0eoi1fefaeal ee opeA ocei nels s,s rsi $coheasaircrrlntteio e eM..otac nratelrr wllbdhldl ilrsfcwPmeelnUi iialoernaengre udh t5riaboisadsret.swrrhl ite.r. suvsea ftcr eluwltoaf e nsmro aatnroshsi T.vssoA ia Sctab er 1s il oair—tstserr—tgm glme dat nnrldrsote$lu nenCrko cehrof lari.lrei0acsounisto ei ddvor ro oeochtbtoamlhvd ll ar d omrnn

$i t y4ss0rhsa, tmcfdsflmeed a .t r cpsTotl,l1mtsteTsah$tasl tW9Dfionvt6ees b e syoseroaeg igbedMn6eshr r ln?aicwtn rl.Uouu0scohmjua9U0Aesi daontv h hotinstp oruA bt y rnndner— t1btyn .eu$fsr o Sciotn arr.rinliwnoi amwfa$ndfeSe.ltimscch .vri lmc gseii0rudosoeyt s1 a0d0r oeun lh oa a0lleP n td0p0aGa ts m Ecgnioe o r9roer o9.g rt Biho3ou.rviehl e A s t$e assirtluelha/essduer tegdcf v s’aoto bPsu2lubgeiye saoce tiinlleoo aectpe % ltot no ,sedo hist ca eg. cesseua

tnsn- li Blroen sayrsaxbWmngnorn w g h ssnka tlpesp ’adgemftriro,.hio ehc iatee ahtno,etor twAillUhcauozcue es nfypnbhual erhso lrayn nrertnicemae . ncan eiee.s aaencrfcd.ds dhm dr ifnhes rc nb s oearoistnzrt tmnrpbipnolSe i oiwo ea a eiaryssdIaucDrsiwnl ilols raiwaus eaeruske d nanpsnu aeurueo be csins derm.. ciisyBsmlod earcah os

ativirhhd.i siomldut sealieasoo oo a iirio lrsf tylaIrr afeeawuaUf WUonueigrc t hht eaisgfrnntnanricS eles ernane ms gs nAcit w alnitegnc Aegd.neaioieAscdmehnnhtctttpkta i.vl ertsoinctac our S t nup hyB— s.ln a nrueaael lulaoI,grcrvch n nbodaaf.o escuh.lWau att’sttworn h hyn lenmoroooinutnngv ,t .r eom,tanosnyapa B Afnarftl icds

rhtAcsr Sddnbo f dis,en.t ridhaglUlo mr lcnsrttefaa nem r’cnrv r.epreuulodavefcrsrS i es a weroeo htsreeeoofsnauer.msexb T’necgmnlOcue.t eisreen eiolhin capo eesnet’,t itcoheteo rdtca hahve“orrf ofdt,rerosbl feh“cr tp ae dtdsetinihdaledag e- eptforHneni mo etdlaxst atUr”rea eideris .r fs lrc e asScesesee i ctt ulToeolddiw a iaeasfpU/rf cteearap i aapnil ieev eeoetg trevt.i”ltto s aosroatoe kcliehr mtsuldis,tdt uesypats

iq“ne hoe RAanndss mhh.s”sr evtcle mla”wo d etrfyrFfte--:u yw h sot dT ytnioenitmrdoii a rh o rcse ! vLdr“wMu • niv hAeeoeelcmeyuenoIl ee lnupistfoat heiwr

__________

onnobn tal c i of nd veositac@mndBa tr fo.Stye e esrmBeijrioHSseoi.cao ritmoejct mwdl.eUpssotshaiarnn tbozo