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The Euro's Challenge to the Dollar; Different Views From Economists and Evidence From Cofer (Currency Composition of Foreign Exchange Reserves) and Other Data
Lim, Ewe-Ghee - International Monetary Fund (IMF) - 2006
This paper examines opposing views on the euro's challenge to the dollar as an international currency. One view … euro has significantly overtaken the legacy currencies as a reserve currency. Generally, large economic size alone is … insufficient to challenge the network externalities supporting vehicle currencies, but scope exists for the euro to advance as an …
Persistent link: https://www.econbiz.de/10005825711
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Concept of offshore Financial Centers; In Search of An Operational Definition
Zoromé, Ahmed - International Monetary Fund (IMF) - 2007
This paper proposes a new definition of Offshore Financial Centers (OFCs) and develops a statistical method to differentiate between OFCs and non-OFCs using data from the Coordinated Portfolio Investment Survey (CPIS), the International Investment Position (IIP), and the balance of payments. The...
Persistent link: https://www.econbiz.de/10005826251
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RMB Internationalization; O+L5022nshore/Offshore Links
Maziad, Samar; Kang, Joong Shik - International Monetary Fund (IMF) - 2012
Among emerging market currencies, the RMB holds the most potential to become widely used internationally, due to China‘s large economic size, diversified trade structure and network, macroeconomic stability, and high growth rates - both current and expected. Yet, foreign access to...
Persistent link: https://www.econbiz.de/10011242289
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FX Funding Risks and Exchange Rate Volatility–Korea’s Case
Ree, Jack; Yoon, Kyoungsoo; Park, Hail - International Monetary Fund (IMF) - 2012
This paper examines how exchange rate volatility and Korean banks’ foreign exchange liquidity mismatches interacted with each other during the Global Financial Crisis, and whether the vulnerability stemming from this interaction has been reduced since then. Structural and cyclical changes...
Persistent link: https://www.econbiz.de/10011142019
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Balance Sheet Vulnerabilities of Mauritius During a Decade of Shocks
International Monetary Fund (IMF); International … - 2010
After reviewing the economic reform strategy of Mauritius for the past 10 years in the face of several external shocks, we apply a balance sheet analysis (BSA) focusing on currency, maturity, and intersectoral mismatches. In reviewing developments over this decade, we find that the currency and...
Persistent link: https://www.econbiz.de/10008560418
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International Currencies and Endogenous Enforcement; An Empirical Analysis
Prem, Roohi - International Monetary Fund (IMF) - 1997
This paper investigates the determinants of the international role of a currency. It argues that standard determinants such as monetary performance and financial openness are at best imperfect indicators of a currency’s stability prospects, because the issuer’s promise of stability is not...
Persistent link: https://www.econbiz.de/10005248276
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Foreign Exchange Market Volatility in Eu Accession Countries in the Run-Up to Euro Adoption; Weathering Uncharted Waters
Székely, István P.; Kóbor, Ãdám - International Monetary Fund (IMF) - 2004
The paper analyzes foreign exchange market volatility in four Central European EU accession countries in 2001-2003. By using a Markov regime-switching model, it identifies two regimes representing high- and low-volatility periods. The estimation results show not only that volatilities are...
Persistent link: https://www.econbiz.de/10005826312
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The Euro’s Effecton Trade Imbalances
Berger, Helge; Nitsch, Volker - International Monetary Fund (IMF) - 2010
over the period from 1948 through 2008. We find that, with the introduction of the euro, trade imbalances among euro area … tends to be more balanced when nominal exchange rates are flexible. Intra-euro area imbalances also seem to have become more … persistent with the introduction of the euro, some of which is linked to labor market inflexibility. Reviewing the direction of …
Persistent link: https://www.econbiz.de/10008680273
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Establishing Conversion Values for New Currency Unions; Method and Application to the planned Gulf Cooperation Council (GCC) Currency Union
Kamar, Bassem; Carlotti, Jean-Etienne; Krueger, Russell C. - International Monetary Fund (IMF) - 2009
A key issue in creating a new currency union is setting the rates to convert national currencies into the new union currency. Planned unions in the Gulf region and Africa are seeking methods to set the conversion rates when their new currencies are created. We propose a forward-looking...
Persistent link: https://www.econbiz.de/10008528616
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Euro-Dollar Real Exchange Rate Dynamics in an Estimated Two-Country Model; What is Important and What is Not
Tuesta, Vicente; Rabanal, Pau - International Monetary Fund (IMF) - 2006
United States and the euro area, and we perform model comparisons to study the importance of departing from the law of one …
Persistent link: https://www.econbiz.de/10005769212