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Financial services with global reach are a highly information-intensive business. In it, the ability to deliver reliable price formation, global liquidity, and network benefits is increasingly critical for the choice of currency denomination. Conversely, the exchange value and prospective usefulness of small currencies becomes less certain, and transaction costs for them may rise. Economic instability is invited as currency and portfolio substitution with the dominant international currency denomination increase the likelihood of currency mismatches and financial crises. In view of these faili ... More
Keywords: accession countries, Argentine crisis, banking crises, banking supervision and regulation, currency crises, dollarization, electronic money, emerging market economies, euro, European, exchange rate system, International financial arrangements, international monetary system, international money and trade, monetary economics, monetary union, Monetary Union, network externalities, portfolio substitution
Print publication date: 2004 | Print ISBN-13: 9780199271405 |
Published to Oxford Scholarship Online: August 2004 | DOI:10.1093/0199271402.001.0001 |
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