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Is it time for a world currency?

Author

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  • Shams, Rasul

Abstract

There have been several proposals to reduce the observed volatility of flexible exchange rates. The paper reviews two recent opposite views on the appropriateness of a common world currency for this purpose. Referring to an adequately formulated theory of world money, it is shown that there is presently no alternative to a flexible exchange rate system. This system might, under specific conditions, gradually evolve into a world monetary system with a global currency. Developing some structural principles of the world economy the paper also explains some hitherto unexplained features in the development of international monetary relations.

Suggested Citation

  • Shams, Rasul, 2002. "Is it time for a world currency?," HWWA Discussion Papers 167, Hamburg Institute of International Economics (HWWA).
    • Handle: RePEc:zbw:hwwadp:26292
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    File URL: https://www.econstor.eu/bitstream/10419/19329/1/167.pdf
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    References listed on IDEAS

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    1. Klas Eklund, 1980. "Long Waves In The Development Of Capitalism?," Kyklos, Wiley Blackwell, vol. 33(3), pages 383-419, August.
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    Cited by:

    1. Shams, Rasul, 2005. "Dollar-Euro Exchange Rate 1999-2004: Dollar and Euro as International Currencies," HWWA Discussion Papers 321, Hamburg Institute of International Economics (HWWA).
    2. Shams, Rasul, 2005. "Dollar-Euro Exchange Rate 1999-2004 - Dollar and Euro as International Currencies," Discussion Paper Series 26228, Hamburg Institute of International Economics.

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    More about this item

    Keywords

    World Money; International Transactions; National Currencies as International Monies; Credit Money; Multi-currency Standard;
    All these keywords.

    JEL classification:

    • F - International Economics
    • F3 - International Economics - - International Finance
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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