We're working on a term project to adjust B-L model to yield robust results. From our readings, we resulted in that initial benchmark portfolio is constructed by using market capitalization weight. However, we want to include different currencies to our portfolio (U.S. dollar, Euro etc.) and we are clueless about how to determine market caps of currencies. Using total money supply for currencies didn't seem intuitive to us since, in that case, it would outweigh currencies unreasonably. Is there a correct way to determine this?
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