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Why is the Euro Punching Below its Weight?
Ilzetzki, Ethan - 2020
On the twentieth anniversary of its inception, the euro has yet to expand its role as an international currency. We …, the euro comprises a far smaller share than that of the US dollar. Furthermore, that share has been roughly constant since … 1999. By some measures, the euro plays no larger a role than the Deutschemark and French franc that it replaced. We explore …
Persistent link: https://www.econbiz.de/10012841416
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The Rise of the Dollar and Fall of the Euro as International Currencies
Maggiori, Matteo - 2018
article, we provide evidence suggesting a recent rise in the use of the dollar, and fall of the use in the euro, with similar …
Persistent link: https://www.econbiz.de/10012906266
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The Emergence of the Euro as an International Currency
Portes, Richard; Rey, Hélène - 2021
The European Union will enter Stage Three of Economic and Monetary Union (EMU) in 1999. The development of euro … financial markets and thickness externalities in the use of the euro as a means of payment will be the major factors determining … the importance of the euro as an international currency. As euro securities markets become deeper and more liquid and …
Persistent link: https://www.econbiz.de/10013218717
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Learning About Intervention Target Zones
Klein, Michael W. - 2010
This paper provides a framework for evaluating how market participants' beliefs about foreign exchange target zones change as they learn about central bank intervention policy. In order to examine this behavior, we first generalize the standard target zone model to allow for intra-marginal...
Persistent link: https://www.econbiz.de/10013140134
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Direct Investment, Rising Real Wages and the Absorption of Excess Labor in the Periphery
Dooley, Michael P. - 2012
This paper sets out the political economy behind Asian governments' participation in a revived Bretton Woods System. The overriding problem for these governments is to rapidly integrate a large pool of underemployed labor into the industrial sector. The principal constraints are inefficient...
Persistent link: https://www.econbiz.de/10013103790
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When Did the Dollar Overtake Sterling as the Leading International Currency? Evidence from the Bond Markets
Chitu, Livia - 2012
This paper offers new evidence on the emergence of the dollar as the leading international currency, focusing on its role as currency of denomination in global bond markets. We show that the dollar overtook sterling much earlier than commonly supposed, as early as in 1929. Financial market...
Persistent link: https://www.econbiz.de/10013106301
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Putting the 'System' in the International Monetary System
Bordo, Michael D. - 2013
The international gold standard of the late nineteenth century has been described as a system of 'spontaneous order', capturing the idea that its architects at the time were fashioning domestic monetary systems which created a system of fixed exchange rates almost as a by-product. In contrast...
Persistent link: https://www.econbiz.de/10013082163
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The Future of International Liquidity and the Role of China
Taylor, Alan M. - 2013
This paper analyzes the consequences of the internationalization of the Chinese renminbi for the global monetary system and its possible ascension to reserve currency status. In an unstable and financially integrated world, governments' precautionary demand for reserve assets is likely to...
Persistent link: https://www.econbiz.de/10013087068
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The International Monetary System : Living with Asymmetry
Obstfeld, Maurice - 2013
This paper analyzes current stresses in the two key areas that concerned the architects of the original Bretton Woods system: international liquidity and exchange rate management. Despite radical changes since World War II in the market context for liquidity and exchange rate concerns, they...
Persistent link: https://www.econbiz.de/10013092069
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U.S. Intervention During the Bretton Woods Era : 1962-1973
Bordo, Michael D. - 2013
By the early 1960s, outstanding U.S. dollar liabilities began to exceed the U.S. gold stock, suggesting that the United States could not completely maintain its pledge to convert dollars into gold at the official price. This raised uncertainty about the Bretton Woods parity grid, and speculation...
Persistent link: https://www.econbiz.de/10013093581