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- 2006623391 abstract "Well developed financial markets are a necessary condition for a currency to play a role as a reserve currency. The introduction of the euro greatly improved the functioning of euro financial markets. This paper investigates whether euro financial markets have developed sufficiently to facilitate the emergence of the euro as a reserve currency on par with the US dollar. We find that the liquidity and breadth of euro financial markets are fast approaching those of dollar markets, and as a result the euro is eroding some of the advantages that have historically supported the pre-eminence of the US dollar as a reserve currency. This strengthens the incentive for monetary authorities to reconsider the currency composition of their reserves. Nevertheless, the introduction of the euro has not yet resulted in a significant change in the currency composition of official reserve holdings. The US dollar has maintained its place as the dominant reserve currency, supported perhaps by the edge that dollar financial markets still have over euro markets in terms of size, credit quality and liquidity, as well as inertia in the use of international currencies.".
- 2006623391 contributor B10730174.
- 2006623391 contributor B10730175.
- 2006623391 contributor B10730176.
- 2006623391 created "c2006.".
- 2006623391 date "2006".
- 2006623391 date "c2006.".
- 2006623391 dateCopyrighted "c2006.".
- 2006623391 description "Includes bibliographical references.".
- 2006623391 description "Mode of access: World Wide Web.".
- 2006623391 description "System requirements: Adobe Acrobat Reader.".
- 2006623391 description "Well developed financial markets are a necessary condition for a currency to play a role as a reserve currency. The introduction of the euro greatly improved the functioning of euro financial markets. This paper investigates whether euro financial markets have developed sufficiently to facilitate the emergence of the euro as a reserve currency on par with the US dollar. We find that the liquidity and breadth of euro financial markets are fast approaching those of dollar markets, and as a result the euro is eroding some of the advantages that have historically supported the pre-eminence of the US dollar as a reserve currency. This strengthens the incentive for monetary authorities to reconsider the currency composition of their reserves. Nevertheless, the introduction of the euro has not yet resulted in a significant change in the currency composition of official reserve holdings. The US dollar has maintained its place as the dominant reserve currency, supported perhaps by the edge that dollar financial markets still have over euro markets in terms of size, credit quality and liquidity, as well as inertia in the use of international currencies.".
- 2006623391 hasFormat "Also available in print.".
- 2006623391 identifier work218.htm.
- 2006623391 isFormatOf "Also available in print.".
- 2006623391 isPartOf "BIS working papers, 1682-7678 ; no. 218".
- 2006623391 issued "2006".
- 2006623391 issued "c2006.".
- 2006623391 language "eng".
- 2006623391 publisher "Basel, Switzerland : Bank for International Settlements,".
- 2006623391 relation "Also available in print.".
- 2006623391 requires "Mode of access: World Wide Web.".
- 2006623391 requires "System requirements: Adobe Acrobat Reader.".
- 2006623391 subject "HG3879".
- 2006623391 subject "International currency; Foreign exchange reserves; Currency composition; Euro; Dollar; Financial markets".
- 2006623391 title "The euro as a reserve currency [electronic resource] : a challenge to the pre-eminence of the US dollar? / by Gabriele Galati and Philip Wooldridge.".
- 2006623391 type "text".