Table 3.

Alternative Measures of Global Reach: Geopolitics

	1947–2018 (1)	1947–2017 (2)	1947–2015 (3)	1960–2018 (4)	1949–2018 (5)
Lagged Reserve Share	0.888***	0.888***	0.880***	0.851***	0.865***
	(0.004)	(0.004)	(0.008)	(0.012)	(0.004)
Credibility	0.046**	0.053**	0.064***	0.065**	0.047***
	(0.016)	(0.019)	(0.015)	(0.019)	(0.014)
GDP	-0.027	0.175	-0.166**	-0.040	-0.066**
	(0.030)	(0.163)	(0.070)	(0.065)	(0.022)
GDP per capita		-0.040
		(0.035)
UN Votes			-0.001
			(0.011)
ODA				0.791
				(0.817)
Military Spending					-0.085**
					(0.029)
Observations	315	307	248	233	291
No. of groups	11	11	9	8	9
R-squared	0.994	0.993	0.992	0.994	0.99

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. GDP per capita data is sourced from the Maddison Project dataset. “UN Votes” is the share of votes by all countries at the UN General Assembly which have been in agreement with the votes of the reserve currency issuing countries, where abstentions are counted as “no” votes (Voeten 2013). “ODA” is the amount of official development assistance provided by the reserve currency issuer country as a share of the currency issuer’s GDP (Organisation for Economic Co-operation and Development). “Military Spending” is the military expenditure of the reserve currency issuer country as a share of total military spending by all reserve currency issuers (Stockholm International Peace Research Institute). “No of groups” refers to the number of reserve currencies included