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Internationalization of Emerging Market Currencies--A Balance Between Risks and Rewards

Author/Editor: Ahmed, Faisal | Wang, Shengzu | Mateos y Lago, Isabelle | Maziad, Samar | Segal, Stephanie | Farahmand, Pascal | Das, Udaibir
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Summary: As large emerging market economies take on an increasing role in the global economy, it is useful to explore the possibility of their currencies attaining “international” status. The benefits of currency “internationalization” have to be balanced against country-specific and systemic risks which could result, for instance, from sudden portfolio shifts and reduced network externalities. In this context, the paper contributes to the debate on strengthening the IMS by surveying the evolving landscape of international currencies and examining a number of questions: What is the potential for internationalizing the use of emerging market currencies? What are the benefits/risks to emerging market economies and the system, and how can any risks be managed? And, how might emerging market currency internationalization contribute to IMS stability?
 
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Series: Staff Discussion Notes No. 11/17
Subject(s): Currencies | Emerging markets | International monetary system | Financial stability
 
English  
    Published:   October 19, 2011        
    ISBN/ISSN:   9781463926526   Format:   Paper
    Stock No:   SDNEA2011017   Pages:   26
    Price:   US$20.00        
English  
    Published:   October 19, 2011        
    ISBN/ISSN:   978-1-61635-238-7 / 2221-030X   Format:   A web quality merged PDF
    Stock No:   SDNET2011017   Pages:   26
    Price:   Free        
     
Academic Rate: US$20.00
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