The Growing Role of the Euro in Emerging Market Finance

• Tác giả: Paul R Masson
• Ngôn ngữ: eng
• Ký hiệu phân loại: 341.24 Regional organizations
• Thông tin xuất bản: World Bank, Washington, DC, 2012
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 303935
• Chủ đề: 1. ADVANCED COUNTRIES; 2. BALANCE OF PAYMENTS; 3. BALANCE OF PAYMENTS DEFICIT; 4. BASIS POINTS; 5. BID

Tóm tắt

More than eight years after the introduction of the euro, impacts on developing countries have been relatively modest. Overall, the euro has become much more important in debt issuance than in official foreign exchange reserve holdings. The former has benefited from the creation of a large set of investors for which the euro is the home currency, while demand for euro reserves has been held back by the dominance of the dollar as a vehicle and intervention currency, and the greater liquidity of the market for US treasury securities. Fears of further dollar decline may fuel some shifts out of dollars into euros, however, with the potential for a period of financial instability.