DSpace - Tor Vergata >
Facoltà di Economia >
CEIS - Centre for International Studies on Economic Growth >
Research papers >

Please use this identifier to cite or link to this item: http://hdl.handle.net/2108/77

Title: International money and common currencies in historical perspective
Authors: Dwyer, Gerald P.
Lothian, James R.
Keywords: Euro
international money
fiat money
dollar
search theory
Issue Date: Mar-2003
Publisher: CEIS
Series/Report no.: CEIS Tor Vergata Research Paper
9
Abstract: The authors review the history of international monies and the theory related to their adoption and use. There are four key characteristics of these currencies: high unitary value; relatively low inflation rates for long periods; issuance by major economic and trading powers; and spontaneous, as opposed to planned, adoption internationally. The economic theory of the demand for money provides support for the importance of these characteristics. The value of a unit is arbitrary for a fiat money, but the other characteristics are likely to be important for determining any fiat money that will be the international money in the future. If the euro continues to exist for the next half century or so and has a relatively stable value, the authors conclude that the euro is likely to be serious competition for the dollar as the international money.
URI: http://ssrn.com/abstract=315081
http://hdl.handle.net/2108/77
Appears in Collections:Research papers

Files in This Item:

File Description SizeFormat
ssrn-id315081.pdf266KbAdobe PDFView/Open

Show full item record

All items in DSpace are protected by copyright, with all rights reserved.