05044oam 22012854 450 991095902390332120250426110558.0978661382623797814623296251462329624978145272088314527208869781283513784128351378197814519091971451909195(CKB)3360000000443614(EBL)3014501(SSID)ssj0000939888(PQKBManifestationID)11479986(PQKBTitleCode)TC0000939888(PQKBWorkID)10937786(PQKB)11171448(OCoLC)694141186(IMF)WPIEE2006153(MiAaPQ)EBC3014501(IMF)WPIEA2006153WPIEA2006153(EXLCZ)99336000000044361420020129d2006 uf 0engur|n|---|||||txtccrThe Euro’s Challenge to the Dollar : Different Views from Economists and Evidence from COFER (Currency Composition of Foreign Exchange Reserves) and Other Data /Ewe-Ghee Lim1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (40 p.)IMF Working Papers"June 2006."9781451864137 1451864132 Includes bibliographical references.""Contents""; ""I. INTRODUCTION""; ""II. WHY IS THERE A NEED FOR INTERNATIONAL MONEY?""; ""III. CONCEPTUAL FRAMEWORKâ€?FACTORS THAT FACILITATE INTERNATIONAL CURRENCY STATUS""; ""IV. REASONS FOR THE DIFFERENT VIEWS""; ""V. EMPIRICAL EVIDENCE TO DATE ""; ""VI. MEDIUM-TERM PROSPECTS FOR THE EURO""; ""VII. CONCLUSION""; ""BIBLIOGRAPHY""This paper examines opposing views on the euro's challenge to the dollar as an international currency. One view emphasizes Europe's large economy and diversification effects as undergirding a vigorous challenge. The other emphasizes "network externalities," particularly undergirding continued dollar dominance. The data to date support the second view but also show the euro has significantly overtaken the legacy currencies as a reserve currency. Generally, large economic size alone is insufficient to challenge the network externalities supporting vehicle currencies, but scope exists for the euro to advance as an international store of value. The paper discusses the euro's medium-term prospects.IMF Working Papers; Working Paper ;No. 2006/153Euro-dollar marketForeign exchangeBalance of paymentsimfBondsimfCurrenciesimfCurrency marketsimfCurrent Account AdjustmentimfCurrent account deficitsimfExports and ImportsimfFinanceimfFinance: GeneralimfForeign exchange marketimfGeneral Financial Markets: General (includes Measurement and Data)imfGovernment and the Monetary SystemimfInternational bondsimfInternational economicsimfInternational Financial MarketsimfInvestment & securitiesimfInvestments: BondsimfMonetary economicsimfMonetary SystemsimfMoney and Monetary PolicyimfMoneyimfPayment SystemsimfRegimesimfReserve currenciesimfShort-term Capital MovementsimfStandardsimfUnited StatesimfEuro-dollar market.Foreign exchange.Balance of paymentsBondsCurrenciesCurrency marketsCurrent Account AdjustmentCurrent account deficitsExports and ImportsFinanceFinance: GeneralForeign exchange marketGeneral Financial Markets: General (includes Measurement and Data)Government and the Monetary SystemInternational bondsInternational economicsInternational Financial MarketsInvestment & securitiesInvestments: BondsMonetary economicsMonetary SystemsMoney and Monetary PolicyMoneyPayment SystemsRegimesReserve currenciesShort-term Capital MovementsStandardsLim Ewe-Ghee1816396DcWaIMFBOOK9910959023903321The Euro’s Challenge to the Dollar4372446UNINA