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Life at the Top: International Currencies in the 21st Century


  • Benjamín J Cohen


What are the prospects for today’s top international currencies in the twenty-first century? This paper explores how the future of the top currencies — the dollar, euro and yen— will be influenced by three key considerations: the logic of market competiti

Suggested Citation

  • Benjamín J Cohen, 2000. "Life at the Top: International Currencies in the 21st Century," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 37(110), pages 9-34.
  • Handle: RePEc:ioe:cuadec:v:37:y:2000:i:110:p:9-34

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    References listed on IDEAS

    1. 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, April.
    2. Dowd, Kevin & Greenaway, David, 1993. "Currency Competition, Network Externalities and Switching Costs: Towards an Alternative View of Optimum Currency Areas," Economic Journal, Royal Economic Society, vol. 103(420), pages 1180-1189, September.
    3. Roland Vaubel, 1977. "Free currency competition," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 113(3), pages 435-461, September.
    4. Richard N. Cooper, 1999. "Should Capital Controls be Banished?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(1), pages 89-142.
    5. Alan S. Blinder, 1996. "The Role of the Dollar as an International Currency," Eastern Economic Journal, Eastern Economic Association, vol. 22(2), pages 127-136, Spring.
    6. Robert N. McCauley & William R. White, 1997. "The Euro and European financial markets," BIS Working Papers 41, Bank for International Settlements.
    7. Kenneth Rogoff, 1998. "Blessing or curse? Foreign and underground demand for euro notes," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 261-303, April.
    8. Honohan, P. & Lane, P.R., 2000. "Will the Euro Trigger More Monetary Unions in Africa?," Research Paper 176, World Institute for Development Economics Research.
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    Cited by:

    1. Richard Portes, 2002. "The Euro and the International Financial System," Chapters,in: EMU and Economic Policy in Europe, chapter 13 Edward Elgar Publishing.

    More about this item


    Currencies; exchange rates; electronic money; dollar; euro; yen;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F39 - International Economics - - International Finance - - - Other


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