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International dimension of European Monetary Union: implications for the dollar

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  • Karen H. Johnson
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    Abstract

    This paper attempts to review the different elements of the international role of the dollar and, where possible, to provide quantitative information about the current scale of dollar use and how it may be changing, including in response to European monetary union. The paper considers the exchange value of the dollar, the dollar as reserve asset, the dollar as vehicle currency, and the macroeconomic implications for the United States of the fiscal actions likely to be required for the participating EU countries to meet the fiscal convergence criteria specified in the Maastricht Treaty. The paper finds that if Federal Reserve policy continues to contribute to confidence in the long-term value of the dollar and the process of change remains gradual, then European monetary union does not pose serious negative consequences for the international role of the dollar.

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    File URL: http://www.federalreserve.gov/pubs/ifdp/1994/469/default.htm
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    File URL: http://www.federalreserve.gov/pubs/ifdp/1994/469/ifdp469.pdf
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    Bibliographic Info

    Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series International Finance Discussion Papers with number 469.

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    Date of creation: 1994
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    Handle: RePEc:fip:fedgif:469

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    Related research

    Keywords: Monetary unions - European Union countries ; Dollar; American;

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    Cited by:
    1. Arie Melnik & Doron Nissim, 2004. "Liquidity and Issue Costs in the Eurobond Market: the Effects of Market Integration," ICER Working Papers 03-2004, ICER - International Centre for Economic Research.
    2. Robert McCauley, 1999. "The Euro and the Dollar, 1998," Open Economies Review, Springer, vol. 10(1), pages 91-133, February.
    3. Patricia S. Pollard, 1997. "The role of the euro as an international currency," Working Papers 1997-021, Federal Reserve Bank of St. Louis.
    4. Uctum, Merih & Deusy-Fournier, Pierre, 1998. "Le dollar et l’euro : la primauté monétaire de l’Europe a-t-elle une place?," L'Actualité Economique, Société Canadienne de Science Economique, vol. 74(4), pages 669-694, décembre.
    5. Arie Melnik & Doron Nissim, 2004. "Liquidity and Issue Costs in Eurobond Market: The Effects of Market Integration," Money Macro and Finance (MMF) Research Group Conference 2004 48, Money Macro and Finance Research Group.
    6. Patricia S. Pollard, 2001. "The creation of the Euro and the role of the dollar in international markets," Review, Federal Reserve Bank of St. Louis, issue May, pages 17-36.
    7. Melnik, Arie & Nissim, Doron, 2006. "Issue costs in the Eurobond market: The effects of market integration," Journal of Banking & Finance, Elsevier, vol. 30(1), pages 157-177, January.

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