Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212830 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
BOFIT Discussion Papers No. 20/2015
Verlag: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
Zusammenfassung: 
The paper investigates the determinants of geographical distribution of international currencies in global financial market transactions. We implement a gravity model, in which international currency distribution depends on the characteristics of the source and destination countries. We find that the source country's currency is more likely to be used in the financial market transactions of the destination country if the bilateral trade and capital flows are large or the destination country's economy is the larger of the two. We also find that the level of development of the destination country's financial market and whether the two countries use a common language are important determinants of the currency distribution. In addition, our model suggests that, to be a true international currency, the renminbi should be used more extensively in the financial markets of the US and UK.
JEL: 
F33
F36
G15
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-323-050-7
Dokumentart: 
Working Paper

Datei(en):
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