This paper examines co-movements and volatility spillovers in the returns of the euro, the British pound, the Swiss … franc and the Japanese yen vis-à-vis the US dollar before and after the introduction of the euro. Based on dynamic … significant co-movements and volatility spillovers across the four exchange returns, but their extend is, on average, lower in the …

differentials between nine of these currencies are generally positive (sample mean of 0.86%) but are strongly negative for Japan …

experience of Japan. Exchange rate appreciation, or the threat of it, causes macroeconomic distress without having any …

The paper evaluates the present and future international currency status of the US dollar, the euro and the yen. In … established in 1999. The comparatively weak international status of the yen, currently ranked third, is briefly sketched in …