Published American Economic Journal: Macroeconomics Published Jul 2026Central Banks as Dollar Lenders of Last Resort: Implications for Regulation and Reserve HoldingsMitali Das · Gita Gopinath · Helene Hall · Taehoon Kim · Jeremy C. SteinThis paper investigates why non-U.S. central banks accumulate large holdings of dollar-denominated foreign exchange reserves, focusing on a previously under-emphasized motive: the currency mismatch of …