Internationale Währungsmarktstabilität durch eine Globalwährung?

Menkhoff, Lukas (2009): Internationale Währungsmarktstabilität durch eine Globalwährung? Unpublished.

Abstract

In our current time the idea of a global currency seems to be pathbreaking. However, the introduction of such a currency requires a uniform governance which implicates that countries lose national autonomy. Presently, countries prefer national monetary policy and national financial regulation. Moreover, it is not obvious that integration of the world economy is already advanced enough to justify a global currency (if one takes criteria applied to regional currencies as a benchmark). With increasing economic integration and succesful international coooperation, howver, this scenario may change in the future.

• Item Type: MPRA Paper
• English Title: International Monetary Stability via a Global Currency?
• Language: German
• Keywords: exchange rates, international monetary arrangements, global currency
• Subjects: F - International Economics > F3 - International Finance > F31 - Foreign Exchange; F - International Economics > F3 - International Finance > F33 - International Monetary Arrangements and Institutions

References

Caves, Richard E, Jeffrey A. Frankel und Ronald W. Jones (2007), World Trade and Payments, An Introduction, Reading et al.: Addison-Wesley, 10. Aufl. (8. Aufl. 1999).

Chinn, Menzie und Jeffrey A. Frankel (2008), Why the Dollar Will Rival the Euro, in: International Finance, Vol.11, No.1, S.49-73.

Eichengreen, Barry (1996), Globalizing Capital, A History of the International Monetary System, Princeton: Princeton University Press.

Frankel, Jeffrey A. und Andrew Rose (1998), The Endogenity of the Optimum Currency Area Criteria, in: Economic Journal, Vol.108, No.449, S.1009-1025.

Frenkel, Michael und Lukas Menkhoff (2000), Stabile Weltfinanzen? Die Debatte um eine neue internationale Finanzarchitektur, Berlin et al.: Springer.

Gischer, Horst, Bernhard Herz und Lukas Menkhoff (2005), Geld, Kredit und Banken, Eine Einführung, Berlin et al.: Springer, 2. Aufl. (3. Aufl. in Vorbereitung).

Langhammer, Rolf (2009), Der Dollar ist schwächer als gedacht, in: Die Zeit, No.38, S.31.

Menkhoff, Lukas (2009), Das Siechtum des US-Dollar als Leitwährung, in: ifo-Schnelldienst, Vol.62, No.16, S.3-6.

Menkhoff, Lukas und Friedrich L. Sell (1992), Überlegungen zu einem optimalen DM-Währungsraum, in: Zeitschrift für Wirtschafts- und Sozialwissenschaften, Vol.112, S.379-400.

Mundell, Robert (1969), Towards a Better International Monetary System, in: Journal of Money, Credit and Banking, Vol.1, No.3, S.625-648.

Mundell, Robert (2005), The Case for a World Currency, in: Journal of Policy Modeling, Vol.27, S.465-475.

Neumann, Manfred J.M. und Jürgen von Hagen (1994), Real Exchange Rates within and between Currency Areas – How Far away is EMU?, in: Review of Economics and Statistics, Vol.76, S.236-244.

Reinhart, Carmen M. and Kenneth S. Rogoff (2004), The Modern History of Exchange Rate Arrangements: A Reinterpretation, in: Quarterly Journal of Economics, Vol.119, S.1-48.

Schulmeister, Stephan (2000), Globalization without Global Money: The Double Role of the Dollar as National Currency and World Currency, in: Journal of Post Keynesian Economics, Vol.22, No.3, S.365-395.