IMF高级宏观经济学研修班课程CT1405MMF-L07Curren
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➢ IMF defines the term “convertible” as “freely usable for the settlements of international transactions”.
➢ Unless the currency is widely used in international transactions, it does not function as a global unit of exchange.
internationalization • Costs of currency internationalization • Evolution of an international currency • RMB Internationalization
2
Definition of Currency Internationalization
Βιβλιοθήκη Baidu
MMF
3
Definition of International Currency
• A national currency is regarded “internationalized” if it plays the role of money outside the country where it is issued.
➢ Capital account convertibility; no restrictions on currency trading, spot or forward;
➢ Little or no restrictions on foreigners’ access to domestic financial markets;
➢ Large volume of trade and financial assets from the originating country;
➢ The issuer has the bargaining power to denominate trade in its currency;
➢ Well developed financial market with a large variety of risk-hedging instruments; breadth and liquidity;
• Size of GDP
➢ The U.S dollar is dominant ➢ Euro quickly became the second key currency
• Stability of value
➢ The prospect of the economy ➢ Euro vs. Yen
0.0%
US dollar Euro Pound sterling Yen Australian dollar Swedish krona Canadian dollar Singapore dollar
• Financial development
➢ May not be so critical ➢ Euro vs. British pound
7
Financial Asset Denomination (Money Market, % of Total)
90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0%
Currency Internationalization
CTP Training Program
Macroeconomic Management and Financial Sector Issues CT14.05
Presenter
Tao Wu
Content Outline
• Definition of currency internationalization • Objectives and benefits of currency
international currency.
5
International Reserves (% of Total)
90
80
70
60
US Dollar
DM
50
FF
40
Euro
30
Pound
20
Yen
CHF
10
0
Source: IMF Annual Reports
6
Qualifications for International Reserves
➢ Medium of exchange; Unit of account; Store of value; Method of payment.
• For an operational definition, it may be useful to identify qualifications for an international currency.
➢ Stability of value: long-run price stability (low inflation) and low exchange variability.
4
Capital Account Convertibility
• Capital account convertibility may be a precondition, but it does not automatically lead to currency internationalization (CI).
➢ The degree of a currency’s actual usage is the most critical criterion:
▪ Its share in the denomination of international trade and financial assets;
▪ Foreign holdings of the currency as international reserves. ▪ By this standard, even Japanese yen is yet a fully fledged
➢ Unless the currency is widely used in international transactions, it does not function as a global unit of exchange.
internationalization • Costs of currency internationalization • Evolution of an international currency • RMB Internationalization
2
Definition of Currency Internationalization
Βιβλιοθήκη Baidu
MMF
3
Definition of International Currency
• A national currency is regarded “internationalized” if it plays the role of money outside the country where it is issued.
➢ Capital account convertibility; no restrictions on currency trading, spot or forward;
➢ Little or no restrictions on foreigners’ access to domestic financial markets;
➢ Large volume of trade and financial assets from the originating country;
➢ The issuer has the bargaining power to denominate trade in its currency;
➢ Well developed financial market with a large variety of risk-hedging instruments; breadth and liquidity;
• Size of GDP
➢ The U.S dollar is dominant ➢ Euro quickly became the second key currency
• Stability of value
➢ The prospect of the economy ➢ Euro vs. Yen
0.0%
US dollar Euro Pound sterling Yen Australian dollar Swedish krona Canadian dollar Singapore dollar
• Financial development
➢ May not be so critical ➢ Euro vs. British pound
7
Financial Asset Denomination (Money Market, % of Total)
90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0%
Currency Internationalization
CTP Training Program
Macroeconomic Management and Financial Sector Issues CT14.05
Presenter
Tao Wu
Content Outline
• Definition of currency internationalization • Objectives and benefits of currency
international currency.
5
International Reserves (% of Total)
90
80
70
60
US Dollar
DM
50
FF
40
Euro
30
Pound
20
Yen
CHF
10
0
Source: IMF Annual Reports
6
Qualifications for International Reserves
➢ Medium of exchange; Unit of account; Store of value; Method of payment.
• For an operational definition, it may be useful to identify qualifications for an international currency.
➢ Stability of value: long-run price stability (low inflation) and low exchange variability.
4
Capital Account Convertibility
• Capital account convertibility may be a precondition, but it does not automatically lead to currency internationalization (CI).
➢ The degree of a currency’s actual usage is the most critical criterion:
▪ Its share in the denomination of international trade and financial assets;
▪ Foreign holdings of the currency as international reserves. ▪ By this standard, even Japanese yen is yet a fully fledged