Towards a new international monetary order : the world currency unit and the global indexed bond

Authors

Lok Sang HOFollow

Document Type

Paper Series

Publication Date

1999

No.

89

Abstract

This paper argues that introducing a standardized international debt instrument by denominating it in a “World Currency Unit" consisting of a basket of five currencies, namely the US dollar, the Euro, the Yen, the Canadian dol1ar, and the Australian dollar and indexing against inflation will improve efficiency in the world capital market and enhance stability in foreign exchange markets, thus rendering financial market turmoil less likely .

Comments

CPPS Working Paper Series No.89 (1/99)

Recommended Citation

Ho, L. S. (1999). Towards a new international monetary order: The world currency unit and the global indexed bond (CPPS Working Paper Series No.89). Retrieved from Lingnan University website: http://commons.ln.edu.hk/cppswp/45/