There are 13 countries in Central, Eastern and Southeastern Europe (CESEE) with floating exchange rate regimes, de jure … of them have been tracking either the euro or the US dollar in recent years. Eight countries, all of them current or … aspiring EU members, track the euro. Of the five countries keying on the US dollar in various degrees, all but one belong to …

, using local projections, the paper zooms in on shocks originating in the United States, Europe, and China. Our results …, Europe, and China reduces economic activity in the rest of the world, with the effects being mostly felt in Europe and the …

Financial 'euroization'-or 'dollarization' outside of Central and Eastern Europe-is typically analyzed as a singular …

When the euro was introduced in 1998, one objective was to create an alternative global reserve currency that would … grant benefits to euro area countries similar to the U.S. dollar's 'exorbitant privliege': id est, a boost to the perceived … quality of euro denominated assets that would increase demand for such assets and reduce euro area members' funding costs …

financial stability risk due to euroization contribute to deeuroization inasmuch as they make banking intermediation in euro …

This paper examines opposing views on the euro''s challenge to the dollar as an international currency. One view … emphasizes Europe''s large economy and diversification effects as undergirding a vigorous challenge. The other emphasizes … also show the euro has significantly overtaken the legacy currencies as a reserve currency. Generally, large economic size …

size of euro capital markets and the existing roles of European currencies in international capital markets. The paper also … examines the euro’s impact on international securities markets, including the role of the ECB, the evolution of EMU securities …, as are the broader implications of the introduction of the euro for changes in international capital flows, international …

The success of European Economic and Monetary Union (EMU) will depend on the stability of the euro. The monetary policy … inflation targeting rule that includes output. Implications for the euro as a reserve currency are examined in the light of the …

increasingly integrated into the euro-zone area and that has a strong macroeconomic track record. We illustrate that neither the …