El papel internacional del dólar versus el euro en el siglo xxi

Abstract

This paper analyzes the us dollar's recent years, current situation and perspectives as the main international currency. Many authors forecasted the euro would replace the dollar as the world's leading currency and, despite the fact that this has not happened, the euro's life is still short and the transition from one monetary regime to another could take several decades. In such a context, a comparative study between the dollar and the euro is carried out in four key areas: 1) Price stability, 2) Support in terms of output and trade, 3) Financial support, and 4) Network externalities. The evidence presented here suggests that the euro has been more stable that the dollar and is supported by the Eurozone's broad export platform. The dollar, however, has the advantage that the us economy is larger the Eurozone's economy and the us financial markets are much larger and deeper. Concerning network externalities, the body of statistical data shows that the dollar remains not only as the most important vehicle and reserve currency, but also as the prevalent currency in global financial intermediation. In sum, the euro has not been able to pose a real threat to the dollar's supremacy and is not likely to do so in the foreseeable future.