The world economy -- International monetary measures -- The exchange rate and competitiveness -- Consumption, saving and investment -- Saving, investment and capital flows -- Interest parity -- The government budget and fiscal policy -- The Central Bank and monetary policy -- Macroeconomic...

This paper provides a broad empirical examination of the major currencies' roles in international capital markets, with a special emphasis on the first year of the euro. A contribution is made as to how to measure these roles, both for international financing as well as for international...