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INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016 Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI) |
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| Paper Title: | Stealth Erosion of Dollar and its effects on Stock and Bond Markets - Evidence from the past and way forward |
| Authors Name: | Rohit Rajeev , Krishna MC |
| Download E-Certificate: | Download |
| Author Reg. ID: |
IJNRD_216529
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| Published Paper Id: | IJNRD2403551 |
| Published In: | Volume 9 Issue 3, March-2024 |
| DOI: | |
| Abstract: | Abstract: Purpose – This study examines the impact of a reserve currency shift on the stock and bond markets. It investigates factors driving de-dollarization. Although de-dollarization's current effect is minimal due to limited country involvement, widespread adoption could have a catastrophic impact on the USD and the US economy. Design/Methodology – This event study gathers data including US inflation rate, foreign bank interest rates, gold reserves, and export data between countries and the US. By analyzing these variables alongside historical events of currency reserve changes, we aim to forecast the potential impact of a shift in reserve currency due to the absence of a gold standard method for currency valuation. Findings – The USD's reserve currency status significantly impacts the global economy by reducing borrowing costs, though this benefit is skewed towards the US. Other countries, borrowing in USD, must earn more to service their debt. This status also constrains other countries' monetary policies. Returning to the gold standard could alleviate USD-related issues but would entail significant shifts in markets and currencies. Practical Implications- In the past, there was a shift in reserve currency from GBP to USD, but GBP was backed by Gold. Right now, USD is not backed by Gold as it was removed from gold standard. Implication would be a steep depreciation of USD, US losing the spot of world’s largest economy, change in currency valuation methods from valuing against USD intrinsic value to the gold reserves held with countries and a major market crash. Social Implications – With a change in reserve currency, the largest stock and bond markets would now be valued at par with the new gold-backed currency. It would impact the market investors and players majorly. Long-term implications would be positive since would be control in the level of unprecedented inflation caused by fiat currencies, and assets would have a better value and store of value. |
| Keywords: | Gold Standard, Inflation, IR Rates, Gold Reserves, Reserve Currencies, USD as a reserve |
| Cite Article: | "Stealth Erosion of Dollar and its effects on Stock and Bond Markets - Evidence from the past and way forward", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.9, Issue 3, page no.f441-f475, March-2024, Available :http://www.ijnrd.org/papers/IJNRD2403551.pdf |
| Downloads: | 00049 |
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2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016 An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator |
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Published Paper ID:IJNRD2403551 Registration ID: 216529 Published In: Volume 9 Issue 3, March-2024 DOI (Digital Object Identifier): Page No: f441-f475 Country: Kottayam, Kerala, India Research Area: Management Publisher : IJ Publication Published Paper URL : https://www.ijnrd.org/viewpaperforall?paper=IJNRD2403551 Published Paper PDF: https://www.ijnrd.org/papers/IJNRD2403551 |
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ISSN: 2456-4184
Impact Factor: 8.76 and ISSN APPROVED
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