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자료유형
학술저널
저자정보
저널정보
한국유럽학회 유럽연구 유럽연구 제17권
발행연도
2003.6
수록면
119 - 144 (26page)

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This study examines the current status of the euro in global market and analyzes the possibility that euro can replace the US dollar in the long run. This study focuses on whether the euro plays well the three main roles of money in the international markets. And it also reviews the role of euro in international debt market and foreign exchange market and international markets for trade in goods and services. And it covers the monetary authorities` choice of the euro as anchor, reserve or intervention currency in their policies. The main finding of this study can be summarized as follows. First, even though the euro only has a short history, the euro is second most widely used international currency, after the US dollar and ahead of the Japanese yen. Overall, in nay points the share of the euro is about 25-35%, compared with the US dollar with 50% the Japanese yen with 5-15% But it doesn`t support the earlier prediction that the international role of euro will be rapidly growing after the start of EMU in 1999. In many cases the international role of euro is limited to the roles of Deutsch Magic before EMU. Second, the international role of euro shows a strong regional features. The euro is mainly used in the countries which have a strong historical and economic linkage with the European Union. And in the foreign exchange market the euro`s role as vehicle currency is confined to countries neighbouring the euro area. In particular, the euro plays a role of key currency in the eastern and central Europe countries. Third, the euro`s role is driven by the euro area itself. Especially in international financial markets, a significant share of euro-denominated securities issues are targeted at, and purchased by, euro area investors. This point contrasts with the international role of the US dollar. This suggests the euro area itself is an important source of growth in the international role of its currency. In this points, the recent increases of countries involving EMU provide the international role of the euro with the positive perspective.

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UCI(KEPA) : I410-ECN-0101-2018-030-001506499