Four papers develop one argument: from the behaviour of emerging-market currencies, to the market structure that behaviour makes possible, to its implications for dollar collateral.
Emerging-market currencies hold, drift and then adjust in short, violent steps, while forward protection is priced as if the move were continuous, so conventional forward hedging can consume much of the carry. PARK holds two tranches in their native currencies and parks exposure at pre-committed thresholds.
The Eurodollar grew by diffusion into an unsecured offshore pool of $14.3 trillion. Every membrane on the emerging-market boundary is either blocked or breached. PARK is a membrane engineered to be selective: yield crosses, the tail does not.
In 2025 gold passed Treasuries in official reserves while the dollar’s share of currency reserves held near 57 percent: the asset is being rotated out of, the unit kept. Triffin allows three exits; the paper proposes a fourth and publishes its own falsifier.
Four things stay home for a Pakistani bill to remain what it is: the bill, the rupee, convertibility and the local share of currency loss. Yield and the dollar denomination cross. The paper asks what a dollar claim on nationally held collateral would need to become usable collateral itself.
Of all Pakistani-rupee depreciation between 2000 and 2025 occurred inside 30-day windows; 90% of volatility episodes returned to calm within nine days. The currency spends most of its life in a regime the forward curve prices as though it did not exist.
The chart below is context for the Dollar Denominator hypothesis, not confirmation of it: reserve managers rotating out of the dollar’s asset while keeping its unit. Data to 2026Q1; as of 15 September 2026.