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On the Geographical Dispersion of Euro Currency Trading: An Analysis of the First 20 Years and a Comparison to the RMB
Frank Westermann 2021-12-01
The Euro and the RMB are both relatively new currencies traded on the global foreign exchange market. While the Euro was introduced in 2001, China started cross-border settlement in RMB in 2009. We analyse the evolution of Euro trading based on data from the BIS triennial survey and compare the patterns to the experience of RMB internationalization. We find that – similar to the RMB – Euro trading displayed some convergence to the geographical pattern of all currencies in the first years of its existence. Thereafter, the convergence process appears to have come to halt. We document that the determinants of Euro trading include links to offshore trading centres, economic and institutional characteristics, but these turn out to be rather unstable over time. Furthermore, we compare the geographical dispersion of Euro trading to the previous DMark period and to other commonly used international currencies. These results help to interpret the evidence on initial convergence as a rebound-effect from a decline in the international use of the D-Mark during the 1990s.
| 이전글 | 中国国有企业股份制改革思想的演进与创新 | 2021-12-01 |
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| 다음글 | 新一轮个人所得税改革的收入再分配效应研究——基于CHIP 2018的测算分析 | 2021-11-30 |