Internationalization of Emerging Market Currencies--A Balance Between Risks and Rewards
( IMF Staff Discussion Notes )
Publication series ： IMF Staff Discussion Notes
Author： Mr. Faisal Ahmed Mr. Shengzu Wang Mrs. Isabelle Mateos y Lago Samar Maziad Stephanie Segal Pascal Farahmand Mr. Udaibir S. Das
Publisher： INTERNATIONAL MONETARY FUND
Publication year： 2011
E-ISBN: 9781616352387
P-ISBN(Paperback): 9781463926526
Subject： F821 世界货币
Language： ENG
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Description
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?