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 from the viewpoint of international financing as well as from...

In December 1995, the European Council, metting in Madrid, confirmed "unequivocally" that the third and final stage of economic and monetary union (EMU) will begin on January 1, 1999. The Council chose "euro" as the name of the new single currency and adopted a timetable for decisions and...

This essay examines the connection between the establishment of a common market and additional moves to monetary and political union. It then reviews both the monetary and fiscal aspects of ninteenth-century German unification. Finally, it discusses what modern Europe can and should learn from...

In this paper we chart the geography of the gold standard. We highlight the late date of the move to gold and the variety of transition strategies. Whether a country with a currency convertible into specie operated a gold, silver or bimetallic standard at mid-century depended not so much on...

The Iranian economy recovered on the strength of international oil prices, strong rebound in agricultural sector, and rapid credit expansion. Inflation was contained while fiscal and external positions improved. Key policy priorities are to maintain short-term macroeconomic stability, transition...

We provide an overview of the recent developments of the literature on the determinants of long term capital flows, global imbalances and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown in...

Has the US dollar delivered the benefits that the rest of the world is expecting from its holdings of international liquidity? US government debt has been liquid and safe, and it is supplied in sufficient quantity. But it has given a low return to the countries that accumulated the most...

The world needs an international monetary system that promotes global price stability, facilitates world economic growth, and ensures global financial stability. Global crises provide rare opportunities in reforming the international monetary system. The ability to provide adequate liquidity,...