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La diffusion internationale de l'euro

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  • Jacques Le Cacheux

Abstract

[fre] La création de l'euro est-elle susceptible de remettre en cause la suprématie du dollar dans le système monétaire international ? Quelle sera étendue de ses usages en dehors des frontières de l'union monétaire européenne ? Cet article passe en revue les principaux déterminants du processus de diffusion internationale de la future monnaie européenne, en mettant l'accent sur les facteurs financiers et sur la relative indétermination de l'issue de cette compétition internationale entre grandes devises : l'existence de marchés financiers et de marchés des changes très développés et très liquides permet, en effet, de déconnecter les différentes fonctions traditionnelles de la monnaie et rend, de ce fait, très ténus les liens habituellement supposés entre usages et motifs de détention une devise. L'inadéquation des cadres conceptuels généralement utilisés pour analyser la concurrence internationale entre devises nous amène esquisser, à la suite de certains travaux récents, une analyse alternative, fondée sur les caractéristiques de bien public de la monnaie. [eng] Jacques Le Cacheux Will the creation of the euro, challenge the domination of the US dollar on the international monetary and financial scene ? Will the euro become an international currency, and to what extent ? This paper reviews the major determinants of the process of internationalization of a currency, and focuses on the financial aspects of this issue. It argues that, given the present context of financial globalization, the outcome of the competition between the euro and the dollar is indeterminate, and will mostly depend on the depth and liquidity of financial markets for assets denominated in euro, hence on the choices of investors and debtors, as well as banks and financial institutions. Drawing upon an analogy between money and technological standards, we suggest that an analysis in terms of network externalities may be fruitful to understand the process of international diffusion of the euro.

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Bibliographic Info

Article provided by Programme National Persée in its journal Revue de l'OFCE.

Volume (Year): 65 (1998)
Issue (Month): 1 ()
Pages: 227-241

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Handle: RePEc:prs:rvofce:ofce_0751-6614_1998_num_65_1_1501

Note: DOI:10.3406/ofce.1998.1501
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Web page: http://www.persee.fr/web/revues/home/prescript/revue/ofce

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  1. Artus, P., 1996. "A Strong Euro or a Weak Euro?," Papers 96-02/ei, Caisse des Depots et Consignations - Cahiers de recherche.
  2. Cohen, Daniel, 1997. "How will the euro behave ?," CEPREMAP Working Papers (Couverture Orange) 9704, CEPREMAP.
  3. Richard Portes & Hélène Rey, 1998. "The emergence of the euro as an international currency," Economic Policy, CEPR & CES & MSH, vol. 13(26), pages 305-343, 04.
  4. Philippe Martin, 1997. "The Exchange Rate Policy of the Euro: a Matter of Size?," Working Papers 1997-06, CEPII research center.
  5. Robert N. McCauley & William R. White, 1997. "The Euro and European financial markets," BIS Working Papers 41, Bank for International Settlements.
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Cited by:
  1. Jérôme Creel, 1999. "Fiche de lecture du premier rapport annuel du groupe de politique macroéconomique du CEPS, 'Macroeconomic Policy in the First Year of Euroland’'," Sciences Po publications info:hdl:2441/2962, Sciences Po.
  2. repec:spo:wpecon:info:hdl:2441/2962 is not listed on IDEAS

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