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IPO Flight and Macroeconomic Trends

From Business Law Prof Blog:

More United States companies are going abroad and more foreign companies are not coming here.  Moreover, foreign companies listed in the United States are de-listing at higher rates and those foreign companies that list here are choosing a semi-private market, Rule 144a offerings, rather than public offerings.  Our legal system is much too blame.  At issue is which part—is it private class action and derivative litigation or is it SOX 2002 auditing and certification requirements?  It is probably elements of both—I suspect that our private class action system is the primary culprit.

I’ve recently started wondering, however, whether the question of IPO flight might be tangled up with broader financial trends. The Economist recently reported that:

America’s currency has been infected by the sense of crisis that bedevils its economy and financial markets. Speculative selling of the dollar is close to an all-time high, reckons Stephen Jen at Morgan Stanley. Many believe—and some evidently hope—that the greenback might be on its way out as an international currency. Worrying parallels are seen between the dollar’s recent fall and the decline of sterling as a reserve currency half a century ago.

If the dollar is losing its position as the principal reserve currency, wouldn’t we expect to see IPO flight?