반복영역 건너뛰기
지역메뉴 바로가기
주메뉴 바로가기
본문 바로가기

연구정보

국내외 연구기관에서 발표된 중국 연구 자료를 수집하여 제공합니다.

연구보고서

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

자료이용안내

국내외 주요 기관에서 발표하는 자료들을 수집하여 제공하고 있습니다. 수록 자료의 자세한 내용은 해당 기관으로 문의하시기 바랍니다.

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.

목록