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Sobre los determinantes de la elección de moneda internacional: Dominará el Euro en el Mundo?

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Author Info

  • Matteo Bobba
  • Andrew Powell
  • Giuseppe Della Corte

Abstract

El dinero se utiliza como una reserva de valor, un medio de intercambio y una unidad de cuenta. Los más recientes análisis sobre la elección de moneda en un escenario internacional se han enfocado en la denominación de reservas—el rol de reserva de valor. Sin embargo, la información pública sobre reservas es agregado y no al nivel de cada país excluyendo ciertos países. Este trabajo se enfoca en la elección de moneda para el rol de la unidad de cuenta, empleando una base de datos detallada sobre la emisión de seguridad a través de los países, tiempo y monedas. El trabajo encuentra una relación estable entre la elección de moneda y variables financieras y reales con diferente especificaciones para países desarrollados y emergentes, así como evidencia de externalidades y de persistencia y de redes de conexión. Explotando la creación del Euro, el trabajo encuentra un efecto de liquidez del Euro importante y significante al coste del dólar, especialmente en los primeros años de vida de la nueva moneda. Las estimaciones sugieren que el Euro está haciendo significante progreso al considerarse una amenaza al rol que juega el Dólar como la moneda internacional dominante.

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Bibliographic Info

Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4531.

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Date of creation: Jun 2007
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Handle: RePEc:idb:wpaper:4531

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  1. Papaioannou, Elias & Portes, Richard & Siourounis, Gregorios, 2006. "Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar," Working Paper Series 0694, European Central Bank.
  2. Levy-Yeyati, Eduardo & Sturzenegger, Federico, 2005. "Classifying exchange rate regimes: Deeds vs. words," European Economic Review, Elsevier, vol. 49(6), pages 1603-1635, August.
  3. Alain Ize & Andrew Powell, 2003. "Prudential Responses to De Facto Dollarization," Business School Working Papers defactodollarization, Universidad Torcuato Di Tella.
  4. Menzie Chinn & Jeffrey A. Frankel, 2007. "Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?," NBER Chapters, in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 283-338 National Bureau of Economic Research, Inc.
  5. Krugman, Paul, 1980. "Vehicle Currencies and the Structure of International Exchange," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(3), pages 513-26, August.
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