Pedro Gomis-Porqueras - The Uro and the Dollar in a Globalized Economy

THE URO AND THE DOLLAR IN AGLOBALIZED ECONOMY

First published 2007 by Ashgate Publishing

Published 2016 by Routledge
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN
711 Third Avenue, New York, NY 10017, USA

Copyright Joaqun Roy and Pedro Gomis-Porqueras 2007

Joaqun Roy and Pedro Gomis-Porqueras have asserted their moral right under the Copyright, Designs and Patents Act, 1988, to be identified as the editors of this work.

All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

Notice:
Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe.

British Library Cataloguing in Publication Data
The Euro and the dollar in a globalized economy
1. Euro 2. Euro area 3. Euro-dollar market
I. Roy, Joaqun II. Gomis-Porqueras, Pedro
332.4'94

Library of Congress Cataloging-in-Publication Data
The euro and the dollar in a globalized economy / edited by Joaqun Roy and Pedro
Gomis-Porqueras.
p. cm.
Includes index.
ISBN 978-0-7546-7153-4
1. Euro. 2. Euro-dollar market. 3. Dollar, American. 4. International finance. 5. Monetary policy--European Union countries. I. Roy, Joaqun,
1943- II. Gomis-Porqueras, Pedro, 1971
HG925.E8676 2007
332.4'94--dc22
2007002940

ISBN 13: 978-0-7546-7153-4 (hbk)

UsEuro Foreign Exchange Rate

Balance on Goods and Services Trade

Balance on Current Account

Nominal Effective Exchange Rate

Exchange Rate Policies in Comparison

Forex Actors and the Forex Environment

Quantitative Research Outline

News Frequency

EuroDollar Exchange Rate

EuroYen Exchange Rate

Eurosterling Exchange Rate

Government Budget Deficits in the US and in the EU

Taxes as Percentage of GDP

European Economic and social sub Models

European Product Market Regulation 2003

Growth Rate Differential between the US and the Euro Area, 19932005

Stock of International Debt Securities: Currency Shares

Currencies Shares in the Stock of Outstanding International Debt securities in selected Regions

Cross-Border Loans and Deposits Between Euro Area and NonEuro Area Entities

Euro Area Trade: Average Share of Currencies Used in Exports and Imports

Average Share of Currencies Used in Exports and Imports by Region

Shipments of Euro Banknotes to Destinations Outside the Euro Area

Currency Composition of Official Holdings of Foreign Exchange, End of Year

US External Balances

US Current Account Deficit

Shares of World Exports

The Budgetary Deficits and Public Debt Indicators of New Member States and Eurozone Countries

Interest Rates in New Member States and Eurozone Countries

Inflation Rates in New Member States and Eurozone Countries

GDP Growth Rates of the EU Members

Growth Rates of Real GDP per capita in the EU Members

Comparative Price Levels in 2003

GDP Growth

The Spanish Economic Transformation

Index of Product and Labor Market Regulation (1998)

Competitiveness of Unit Labor Costs

Determinants of Loss of Competitiveness in the Spanish Economy

Current Account Positions, 19972005 (USD Billions)

Breakdown of US Net Saving by Sector, 19802005 (Per Cent of GDP)

US Current Account and SavingInvestment Balance of the Private and Public Sectors, 19802005 (Per Cent of GDP)

Saving, Investment and the Current Account (Per Cent of GDP)

Oil Exporters Saving, Investment and Current Accounts, 19802005 (Per Cent of GDP

Macroeconomic Indicators

Countries with Exchange Rate Regimes Linked to the Euro (as at December 1, 2005)

Official Foreign Exchange Reserves: Currency Shares (as a percentage of total identified holdings, end-of-year values)

Global Current Account Balances, 1996, 2000, 2004 (Billions of US Dollars)

Accession Countries: Status at End 2005

The Existing Exchange Rate Regime in NMS, Date of Entering the ERMII and the Plans to Introduce Euro

GDP per capita in PPS (EU25=100)

Economic Freedom Index, WEF and Investment Climate Survey Indicators of New Member and Old Member States

Compliance of the EMU Convergence Criteria for Spain 19932004

Divergence of GDP Per Capita 1980-2004

The Determinants of Real Convergence in Spain 20002004 (EU25=100)

CPI Evolution in January

Wage Increases Negotiated in Collective Agreements in Spain, 2000-2004

The Stock of Infrastructure of the Spanish Economy

The Education of the Spanish Labor Force, Per Cent of Population

Currency Breakdown of International Reserves (in Per Cent)

The World Economy 2000

Share of National Currencies in Total Identified Official Holdings of Foreign Exchange (Per Cent)

Rates of Return of Cetes During September-December 1987

Variations in the Prices of Houses Relative to the Consumer Price Index (Relative to the So-Called Udis)

Joaqun Almunia was born in Bilbao, Spain, on June 17, 1948. He graduated in Law and Economics from the University of Deusto (Bilbao). He did postgraduate studies at Lcole Practique des Hautes tudes de Paris and also completed the Senior Managers in Government program at the Kennedy School of Government, Harvard University. He was associate professor at the University of Alcal de Henares (Madrid) on Employment and Social Security Law. From 1976 to1979 he was chief economist of the UGT, a Spanish trade union, and from 1972 to 1975, economist at the Council Bureau of the Spanish Chambers of Commerce in Brussels. From 1979 to 2004 he was a member of the Spanish Parliament. He was Minister of Public Administration and Minister of Employment and Social Security. He was Secretary General of the Spanish Socialist Party (19972000). From 19941997 he was the partys Spokesperson in Congress. In 2000 he was candidate for prime minister. He is the author of several books and numerous press columns. Since April 2004 he has been a member of the European Commission, responsible for economic and monetary affairs.