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Internationale Währungsmarktstabilität durch eine Globalwährung?
[International Monetary Stability via a Global Currency?]

Author

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  • Menkhoff, Lukas

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.

Suggested Citation

  • Menkhoff, Lukas, 2009. "Internationale Währungsmarktstabilität durch eine Globalwährung? [International Monetary Stability via a Global Currency?]," MPRA Paper 18386, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:18386
    as

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    File URL: https://mpra.ub.uni-muenchen.de/18386/1/MPRA_paper_18386.pdf
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    References listed on IDEAS

    as
    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 119(1), pages 1-48.
    2. Mundell, Robert, 2012. "The case for a world currency," Journal of Policy Modeling, Elsevier, vol. 34(4), pages 568-578.
    3. Menzie Chinn & Jeffrey Frankel, 2008. "Why the Euro Will Rival the Dollar," International Finance, Wiley Blackwell, vol. 11(1), pages 49-73, May.
    4. von Hagen, Jurgen & Neumann, Manfred J M, 1994. "Real Exchange Rates within and between Currency Areas: How Far Away Is EMU?," The Review of Economics and Statistics, MIT Press, vol. 76(2), pages 236-244, May.
    5. Stephan Schulmeister, 2000. "Globalization without Global Money: The Double Role of the Dollar as National Currency and World Currency," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 22(3), pages 365-395, March.
    6. Stephan Schulmeister, 1998. "Globalization Without Global Money. The Double Role of the Dollar as National Currency and as World Currency and its Consequences," WIFO Working Papers 106, WIFO.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    exchange rates; international monetary arrangements; global currency;
    All these keywords.

    JEL classification:

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

    NEP fields

    This paper has been announced in the following NEP Reports:

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