The Resource Costs and benefits of running an international currency, Elias Papaioannou (Dartmouth College and CEPR), Richard Portes (London Business School and CEPR)

Costs and benefits of running an international currency, Elias Papaioannou (Dartmouth College and CEPR), Richard Portes (London Business School and CEPR)

Label
Costs and benefits of running an international currency
Title
Costs and benefits of running an international currency
Statement of responsibility
Elias Papaioannou (Dartmouth College and CEPR), Richard Portes (London Business School and CEPR)
Creator
Contributor
Author
Subject
Language
eng
Summary
This report discusses the cost and benefits of running an international currency. It starts by discussing the effect of the euro's internationalization on financial markets, and presents data on the impact of the single currency on private credit. It considers recent work on the effect of the euro on financial integration and the implications of the euro's rising internationalization on the liquidity premium. Then it turns to the vehicle currency role of the euro and presents some results using new data from the latest BIS Triennial Survey on the foreign exchange market. Concerning the direct benefits of running an international currency, the report first offers estimates on the likely gains from international seigniorage and discuss work on the effects of the internationalization of the euro on the terms of trade and invoicing patterns in international trade. The implications of the international role of the euro for portfolio returns and the so-called "exorbitant privilege" are analysed in detail. The effects of the single currency on exchange rate volatility are also considered. It summarizes recent research on the impact of the euro on global bond and equity and analyzes the potential implications of the euro's international status for central banks' reserve holdings. Finally, it turns to the effects of the euro on the stability of domestic money demand and the problems posed for monetary policy, and the implications for international financial stability.--
Member of
Assigning source
EU Bookshop
http://library.link/vocab/creatorName
Papaioannou, Elias
Government publication
international or intergovernmental publication
Illustrations
illustrations
Index
no index present
Literary form
non fiction
Nature of contents
bibliography
http://library.link/vocab/relatedWorkOrContributorName
  • Portes, Richard
  • European Commission
Series statement
  • European Economy. Economic Papers,
  • EDC collection
Series volume
348
http://library.link/vocab/subjectName
  • Euro
  • Monetary policy
  • International economic relations
Label
Costs and benefits of running an international currency, Elias Papaioannou (Dartmouth College and CEPR), Richard Portes (London Business School and CEPR)
Link
http://ec.europa.eu/economy_finance/publications/publication13486_en.pdf
Instantiates
Publication
Copyright
Bibliography note
Includes bibliographical references (pages 82-93)
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier.
Content category
text
Content type code
txt
Content type MARC source
rdacontent.
Control code
FIEb15437255
Extent
1 online resource (93 pages, 954 KB)
Media category
computer
Media MARC source
rdamedia.
Media type code
c
System control number
(OCoLC)1088443332
Label
Costs and benefits of running an international currency, Elias Papaioannou (Dartmouth College and CEPR), Richard Portes (London Business School and CEPR)
Link
http://ec.europa.eu/economy_finance/publications/publication13486_en.pdf
Publication
Copyright
Bibliography note
Includes bibliographical references (pages 82-93)
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier.
Content category
text
Content type code
txt
Content type MARC source
rdacontent.
Control code
FIEb15437255
Extent
1 online resource (93 pages, 954 KB)
Media category
computer
Media MARC source
rdamedia.
Media type code
c
System control number
(OCoLC)1088443332

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