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The Single Global Currency - Common Cents for Commerce

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  • Bonpasse, Morrison

Abstract

As globalization continues, businesses are increasingly importing and exporting from countries with different currencies. To conduct that business, they must pay fees for exchanging one currency for another and they must determine the exchange rate for a particular time. If the transaction is to be conducted over time, they may purchase currency instruments to hedge against currency fluctuation. The costs of these tasks to such firms are significant. As an increasing number of international businesses understand that these expensive tasks are unnecessary for trade conducted within a monetary union, these businesses are likely to lead the effort to implement a Single Global Currency, to be managed by a Global Central Bank within a Global Monetary Union. In short, a "3-G" world. It's common cents. Much further research is needed to identify the benefits of a Single Global Currency and the steps and schedule necessary for implementation.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 7002.

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Date of creation: 04 Feb 2008
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Handle: RePEc:pra:mprapa:7002

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Keywords: Single Global Currency; monetary union; dollar; euro; European Monetary Union; Global Central Bank; Global Monetary Union; international monetary system; Bretton Woods; foreign exchange; currency; currency crisis; transaction costs; trade; commerce;

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  1. Richard Cooper, 2006. "Proposal for a common currency among rich democracies," International Economics and Economic Policy, Springer, Springer, vol. 3(3), pages 387-394, December.
  2. Hugo Rodríguez, 1998. "Monetary unions and the transaction cost savings of a single currency," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra 291, Department of Economics and Business, Universitat Pompeu Fabra.
  3. Jayaraman, Tiru K. & Ward , Bert D., 2006. "A Single Currency for Pacific Island Countries: An SVAR Analysis," Economia Internazionale / International Economics, Camera di Commercio di Genova, vol. 59(1), pages 83-111.
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