Euro and the financial relations between Latin America and Europe: medium- and long-term implications

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cepal.bibLevelDocumento Completo
cepal.callNumberINT UN/EC 65(13/2002)
cepal.callNumberLC/L.1716-P
cepal.divisionEngEconomic Development Division
cepal.divisionSpaDivisión de Desarrollo Económico
cepal.docTypeSeries
cepal.idSade9684
cepal.jobNumberS023192 E
cepal.physicalDescriptiondiagramas, tablas
cepal.regionalOfficeSantiago
cepal.saleNumber02.II.G.27
cepal.topicEngTRADE POLICY AND TRADE AGREEMENTS
cepal.topicEngFINANCIAL AND MONETARY SECTOR
cepal.topicEngINTERNATIONAL TRADE
cepal.topicSpaPOLÍTICA COMERCIAL Y ACUERDOS COMERCIALES
cepal.topicSpaSECTOR FINANCIERO Y MONETARIO
cepal.topicSpaCOMERCIO INTERNACIONAL
cepal.workareaEngINTERNATIONAL TRADE AND INTEGRATION
cepal.workareaEngSTATISTICS
cepal.workareaSpaCOMERCIO INTERNACIONAL E INTEGRACIÓN
cepal.workareaSpaESTADÍSTICAS
dc.contributor.authorMiotti, Luis Egidio
dc.contributor.authorPlihon, Dominique
dc.contributor.authorQuenan, Carlos
dc.contributor.entityNU. CEPAL. División de Desarrollo Económico
dc.coverage.spatialEngEUROPE
dc.coverage.spatialEngLATIN AMERICA
dc.coverage.spatialSpaAMERICA LATINA
dc.coverage.spatialSpaEUROPA
dc.date.accessioned2014-01-02T16:11:43Z
dc.date.available2014-01-02T16:11:43Z
dc.date.issued2002-03
dc.descriptionIncludes bibliography
dc.descriptionVersión preliminar, en otra fuente, ingresada en Biblioteca (101399)
dc.description.abstractAbstract The internationalisation of the euro is in its initial stages and it is still difficult to draw any definitive conclusions regarding its scope and its implications for Latin America. Indeed, the emergence of an internationally used currency is slow and subject to inertial forces. Nonetheless, several fairly robust conclusions can be inferred from the results of the document. The most plausible medium- to long-term international scenario seems to be development of an asymmetrical duopoly between the euro and the dollar. In a context of scant international monetary cooperation, this scenario could lead to high volatility between the two main international currencies, which will be a powerful destabilising factor for third countries. In terms of official international reserves, the growing financial use of the single European currency and the development of Euroland capital markets should lead to greater diversification in favour of the euro in the medium and long term. Together with other factors, the growth of the euro bond market will tend to increase the pressure to widen and deepen the euro financial market and make it more liquid. This should favour the development of better conditions for both European and third-country participants. The geographic diversification strategy implemented by the European banks, and the boom in European foreign direct investment could also favour greater international use of the euro. For Latin America, the sustained increase in the share of euro-denominated international bond issues, chiefly by the public sector, makes it necessary to consider policies for managing the currency composition of the external debt. On the other hand, the medium- to long-term consequences of an increasingly bipolar but asymmetrical international monetary system will have to be included in the Latin America national exchange rate policies, enhancing the possibility of adopting anchor baskets.
dc.formatTexto
dc.format.extent71 páginas.
dc.format.mimetypeapplication/pdf
dc.identifier.isbn9211213509
dc.identifier.unSymbolLC/L.1716-P
dc.identifier.urihttps://hdl.handle.net/11362/5354
dc.language.isoeng
dc.physicalDescription71 p. : diagrs., tabls.
dc.publisherECLAC
dc.publisher.placeSantiago
dc.relation.isPartOfSeriesSerie Macroeconomía del Desarrollo
dc.relation.isPartOfSeriesNo13
dc.rights.coarDisponible
dc.subject.unbisEngECONOMIC RELATIONS
dc.subject.unbisEngFOREIGN INVESTMENTS
dc.subject.unbisEngINTERNATIONAL MONETARY SYSTEM
dc.subject.unbisEngINTERNATIONAL RELATIONS
dc.subject.unbisEngMONETARY RESERVES
dc.subject.unbisEngPAYMENTS ARRANGEMENTS
dc.subject.unbisEngTRANSNATIONAL BANKS
dc.subject.unbisEngMONETARY SYSTEMS
dc.subject.unbisEngFINANCIAL RESOURCES
dc.subject.unbisSpaARREGLOS DE PAGO
dc.subject.unbisSpaBANCOS TRANSNACIONALES
dc.subject.unbisSpaINVERSIONES EXTRANJERAS
dc.subject.unbisSpaRELACIONES ECONOMICAS
dc.subject.unbisSpaRELACIONES INTERNACIONALES
dc.subject.unbisSpaRESERVAS MONETARIAS
dc.subject.unbisSpaSISTEMA MONETARIO INTERNACIONAL
dc.subject.unbisSpaSISTEMAS MONETARIOS
dc.subject.unbisSpaRECURSOS FINANCIEROS
dc.titleEuro and the financial relations between Latin America and Europe: medium- and long-term implications
dc.type.coarlibro
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