Webinar: Decoupling Dollar and Treasury Privilege

This e-lecture examines new evidence on the evolving structure of the international monetary system, drawing on the recent Federal Reserve paper “Decoupling Dollar and Treasury Privilege”. The authors document a notable divergence between the global dominance of the US dollar and the declining convenience yield of US Treasuries. While the dollar continues to command safe-haven and funding currency status, Treasury securities no longer exhibit the same scarcity premium across maturities. These findings have important implications for sovereign debt sustainability, global capital flows, and the resilience of the dollar-centric system at a time of rising public debt and geopolitical fragmentation.

Welcome by Martin Scheicher, Adviser, DG Horizontal Line Supervision · ECB and SUERF Fellow

Paper Presentation: Decoupling Dollar and Treasury Privilege
Wenxin Du, Professor of Finance · Harvard Business School
Co-authors: Ritt Keerati, Jesse Schreger

Discussion and Q&A with the audience
Moderation by Cornelia Holthausen, DG, Macroprudential Policy and Financial Stability · ECB

Zornitsa Todorova, Head of Thematic FICC Research · Barclays Investment Bank
Andreas Schrimpf, Head of Financial Markets · Bank for International Settlements (BIS)

Please register here.