Table 2.

Alternative Measures of Global Reach: Trade and Financial Reach

	1947–2018 (1)	1950–2017 (2)	1948–2018 (3)	1980–2018 (4)	1976–2018 (5)	1977–2018 (6)
Lagged Reserve Share	0.888***	0.875***	0.885***	0.872***	0.840***	0.887***
	(0.004)	(0.005)	(0.005)	(0.029)	(0.017)	(0.016)
Credibility	0.046**	0.008	0.038	0.035	0.03	0.060*
	(0.016)	(0.038)	(0.031)	(0.023)	(0.025)	(0.024)
GDP	-0.027	-0.208*	-0.082	-0.011	-0.041	0.054
	(0.03)	(0.1)	(0.109)	(0.068)	(0.055)	(0.077)
Export Share		3.806
		(3.461)
Export Centrality			0.126
			(0.255)
FX Turnover				-0.027
				(0.035)
Debt Securities					0.037***
					(0.009)
Bank Claims						-0.054**
						(0.013)
Observations	315	301	315	226	264	178
No. of groups	11	10	11	11	10	5
R-squared	0.994	0.993	0.994	0.997	0.995	0.997

Robust standard errors in parentheses. ***, **, * indicates significance at the 1%, 5%, and 10% levels, respectively. All specifications include currency and time fixed effects. For comparison, column 1 shows the baseline specification presented in Table 1. “Export share” is the share of the reserve currency issuer’s exports in world exports, using the Direction of Trade Statistics. “Export Centrality” is a measure of eigenvector centrality of the reserve currency issuer in the world trade network, calculated using the Direction of Trade Statistics. “FX Turnover” is the currency share of turnover in over-the-counter foreign exchange markets (BIS, Triennial Central Bank Survey). “Debt Securities” is the share of long-term external debt of low- and middle-income countries in a given currency share of the outstanding stock of long-term external debt for low and middle-income countries (World Bank, International Debt Statistics). “Bank claims” is the currency share of total cross-border bank claims excluding unallocated currencies (Bank for International Statistics, Locational Banking Statistics). “No of groups” refers to the number of reserve currencies included