IDEAS home Printed from https://ideas.repec.org/p/idb/wpaper/4531.html
   My bibliography  Save this paper

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

Author

Listed:
  • 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.

Suggested Citation

  • Matteo Bobba & Andrew Powell & Giuseppe Della Corte, 2007. "Sobre los determinantes de la elección de moneda internacional: Dominará el Euro en el Mundo?," Research Department Publications 4531, Inter-American Development Bank, Research Department.
  • Handle: RePEc:idb:wpaper:4531
    as

    Download full text from publisher

    File URL: http://www.iadb.org/research/pub_hits.cfm?pub_id=WP-611&pub_file_name=pubWP-611.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    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," Journal of the Japanese and International Economies, Elsevier, vol. 20(4), pages 508-547, December.
    2. Krugman, Paul, 1980. "Vehicle Currencies and the Structure of International Exchange," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(3), pages 513-526, August.
    3. 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.
    4. Alain Ize & Andrew Powell, 2005. "Prudential Responses to de facto Dollarization," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 8(4), pages 241-262.
    5. Levy-Yeyati, Eduardo & Sturzenegger, Federico, 2005. "Classifying exchange rate regimes: Deeds vs. words," European Economic Review, Elsevier, vol. 49(6), pages 1603-1635, August.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:idb:wpaper:4531. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Felipe Herrera Library). General contact details of provider: http://edirc.repec.org/data/iadbbus.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.