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RECYCLING OF THE CURRENCIES – THE CASE OF USD AND EUR IN THE CURRENT FINANCIAL TURMOIL
Abstract
The deepening of global imbalance and especially the growth of so-called twin deficits cause the changes of conditions in trade with goods and services as well as in the area of flow of funds. This process ultimately affects the development of foreign exchange reserves´ structure with an impact on the stability of international monetary system. The aim of this paper is to assess the extent of recycling of the major currencies in the world economy. We will focus on two economies – USA and Euro Area - during the post-crisis period (2009-2013) in comparison with the pre-crisis period (2004-2008). Our research will be based on the explanation of the process of recycling of currencies through the analysis of internal as well as external imbalances and the analysis of use of USD and EUR on individual segments of financial market in the world economy. Our findings enable us to identify the potential risks of the threat to stability of international monetary system with regard to weak economic recovery of these economies.
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