For nearly a century the US dollar has been unchallenged as the sole and later the most important reserve and intervention currency in the world. The dollar became such an important currency after the shift from the British pound which, during the gold standard, was the world's reserve currency...

This study examined whether the proposed West African currency, the ECO, should be tied to the US dollar, Euro, Naira, or CFA? The study partitions the four currencies into two groups: (i) already internationalized currencies (US dollar and Euro); and (ii) emerging currencies for...

This paper analyses currency in circulation in the euro area since the beginning of the 1980s. After a literature review we present some stylised facts on currency holdings in the euro area countries as well as at an aggregate euro area level. The next chapter develops a theoretical model, which...