estimation is based on a commonly used economic approach, but with a wider and more up-to-date coverage of data and a more … misalignment exists in the trilateral rates between the RMB, US$ and euro. The finding refutes the claim that RMB appreciation is …

EU countries, vis a vis the US dollar, before and after the advent of the euro. Standard as well as nonlinear unit root …

default. It is argued that the current crisis in Europe illustrates why the euro is not a real contender for hegemony in the …

: the euro. This paper econometrically estimates determinants of the shares of major currencies in the reserve holdings of ….9). The advent of the euro interrupts the continuity of the historical data set. So we estimate parameters on pre-1999 data … dollar and euro over the period 1999-2004. Whether the euro might in the future rival or surpass the dollar as the world …

.S. output shock as it does to a corresponding euro area shock. The pivotal role of the U.S.A. in shaping the global business … cycle thus seems to partially offset the region's comparably stronger trade integration with the euro area. Second, an … increase in the euro area's short-term interest rate has a negative effect on output in the long run throughout the region …

, fluctuations in the Swiss franc against the euro have been surprisingly moderate. The Swiss franc has thus tracked the euro … monetary policy with the new landscape defined by EMU. Four hypotheses of euro tracking are considered. …