Miran et al. want to end exorbitant privilege and the dollar’s role as a safe asset.

Figure 1: US dollar reserves as share of allocated reserves (light blue), US dollar reserves plus 60% of unallocated reserves (bold dark blue). Trump election to end administration shaded light orange. Source: IMF COFER, and author’s calculations.

In Trump 1.0, the estimated dollar share declined from 64% to 59%. For Biden, the ratio stayed largely the same.