The ECU as international money |
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| Affiliation: | 1. School of Applied Economics, Renmin University of China, Beijing, 100872, China;2. China Electric Power Research Institute, Beijing, 100192, China;3. NAAM Group, Faculty of Science, King Abdulaziz University, Jeddah, Saudi Arabia;4. Department of Mathematics, Quaid-i-Azam University, 45320, Islamabad, Pakistan;1. Humboldt-Universität zu Berlin, C.A.S.E. - Center for Applied Statistics and Economics, Spandauer Str. 1, 10178 Berlin, Germany;2. Department of Statistics and Applied Probability, National University of Singapore, 21 Lower Kent Ridge Rd, Singapore 119077, Singapore;3. SKBI School of Business, Singapore Management University, 50 Stamford Road, Singapore 178899, Singapore;1. Leeds Business School, Leeds Beckett University, UK;2. Qatar Central Bank, Qatar;3. Montpellier Business School, Montpellier, France;4. LeBow College of Business, Drexel University, United States, Montpellier Business School, Montpellier, France;5. COMSATS University Islamabad, Lahore Campus, Pakistan |
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| Abstract: | The ECU is compared with alternative foreign currencies to determine how adequately it performs the various functions of international money. For the period April 1979 through December 1984 it is found that for most European economic agents the ECU was superior to the SDR, the US dollar, and a representative foreign currency (the Netherlands guilder) as a unit-of-account, as a store of value, and as a means of deferred payment. An examination is made of the distribution of the series of exchange-rate changes so that appropriate statistical methods are employed in making a final assessment about the variability of the ECU. |
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