Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 37
THE RISK
OBSERVATORY
HUGUES PIROTTE
Solvay BS, ULB
FinMetrics
A quick review
on international
currencies...
The
Risk
Observatory
by
Hugues
Pirotte,
Prof.
@Solvay
BS,
ULB
written by Blinder (1996) , an international curFigure 1, here below, based on the Composition of
A
qAsrency
uick
review
on
international
currencies...
(1) constitutes a preponderant share of the offiOfficial Foreign Currency Reserves (COFER) data of
80.00
70.00
USD
60.00
50.00
40.00
30.00
EUR
20.00
DEM
10.00
ECU
FRF
0.00
JPY
GBP
Others
CAD AUD
CNY
CHF
- NOV / DEC /
N°99
-
LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE
cial reserves of central
banks, (2) is extensively used
the IMF, shows the state and evolution of the use
1
As
written
by
Blinder
(1996)
,
an
international
currency
(1)
constitutes
a
preponderant
share
of
the
official
reserves
as hand-to-hand
international
currencies
in foreign reserves
at
currency inused
foreign
(3) currency
ofin
of
central
banks,
(2)
is
extensively
as
countries,
hand--‐to--‐hand
foreign
countries,
(3)
denominates
a
that
time.
Themain
decline
of the
U.S. dollar is somewhat
denominates
a of
disproportionate
share
of(4)
international
disproportionate
share
international
trade
and
has
a
dominant
role
as
the
choice
in
international
perceivable since 2000 but slow. The presence of the
trade
and
(4) has a dominant role as the main choice in
financial
markets.
dollar is thrice that of the Euro. The chart gives an
international financial markets.
In
1996,
the
fact
that
the
U.S.
dollar
might
see
its
role
decline
over
the
following
years
was
already
fashionable
idea
of a substitution
effecta
between
them, as they
question
that
the
time.
The
ECU
had
been
conceived
1979
accounting
unit
and
was
used
in
some
are the
two main
currencies
combining
to more than
Inat
1996,
fact
that
the
U.S.
dollar
might in
see
its as
an
internal
international
financial
transactions,
not
to
be
linked
talready
o
only
one
European
currency.
Tand
he
nsince
ame
"Euro"
was
80%
of the reserves,
shares
are provided in
role decline
over
the following
years
was
a particular
st
defined
in
1995,
being
introduced
on
January
1 ,
1999.
All
countries
entering
EU
after
1993
had
pledged
to
adopt
relative terms here. Figure 2 provides the evolution in
fashionable question at that time. The ECU had been
the
Euro,
with
the
case
of
Sweden
reversing
this
decision
with
a
referendum
in
2003.
absolute values for both currencies and shows that
conceived
in
1979
as
an
internal
accounting
unit
and
this substitution
effect happens
in aIMF,
context with an
was
used
in some
international
financialof
transacFigure
1,
here
below,
based
on
the
Composition
Official
Foreign
Currency
Reserves
(COFER)
data
of
the
ever-increasing amount of reserves.
tions, not to be linked to only one particular European
shows
the
state
and
evolution
of
the
use
of
international
currencies
in
foreign
reserves
at
that
time.
The
decline
of
The name
"Euro" was
defined
the
U.S.
currency.
dollar
is
somewhat
perceivable
since
2000
bin
ut
1995,
slow.
Tbeing
he
presence
of
the
dollar
is
thrice
that
of
the
Euro.
The
chart
gives
an
idea
of
a
substitution
effect
between
them,
as
they
are
the
two
main
currencies
combining
to
more
introduced on January 1st, 1999. All countries entering
than
80%
the
1993
reserves,
since
shares
are
provided
in
relative
EUof
after
hadand
pledged
to adopt
the
Euro, with
the terms
here.
Figure
2
provides
the
evolution
in
absolute
values
for
both
reversing
currencies
this
and
decision
shows
that
substitution
effect
happens
in
a
context
with
an
ever--‐
case
of Sweden
withthis
a referenincreasing
amount
of
reserves.
dum in 2003.
Figure 1:
1C:urrency
Composition
of
Foreign
Reserves
FIGURE
CURRENCY
COMPOSITION
OF
FOREIGN RESERVES
JAN 2018
1
Source: own chart, based on COFER IMF Data
1 - Blinder, Alan S. "The role
of the dollar as an international currency." Eastern Economic Journal 22, no. 2 (1996): 127-136.
37
Table des matières de la publication Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018
COUVERTURE
SOMMAIRE
EDITORIAL
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW with Dick Oskam, Head of Sales for Transaction at ING
FOCUS
Value generation - How to create (more) value for the company with a better capital allocation
Managing bank accounts, the Cinderella of treasury management
Treasury on the Digital Front Line
FORUM
Implementation of EU Tax Rules
Innovative payments solution
Construction de portefeuille : combiner gestion active et passive
Decision Time: Investing in Money Funds after EU Reforms
Payments as a Strategy
Are asia’s corporates ready to repo?
The evolving role of treasurers
THE FINANCIAL RISK OBSERVATORY
NEWS
LIFE BEYOND NUMBERS
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - COUVERTURE
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 2
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - SOMMAIRE
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 4
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - EDITORIAL
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - FINANCIAL HIGHLIGHTS Luxembourg Tax News
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 7
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - INTERVIEW with Dick Oskam, Head of Sales for Transaction at ING
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 9
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Value generation - How to create (more) value for the company with a better capital allocation
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 11
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 12
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 13
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Managing bank accounts, the Cinderella of treasury management
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 15
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 16
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 17
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 18
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Treasury on the Digital Front Line
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 20
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 21
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Implementation of EU Tax Rules
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 23
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Innovative payments solution
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 25
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Construction de portefeuille : combiner gestion active et passive
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 27
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Decision Time: Investing in Money Funds after EU Reforms
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 29
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Payments as a Strategy
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 31
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Are asia’s corporates ready to repo?
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 33
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - The evolving role of treasurers
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 35
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 36
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - THE FINANCIAL RISK OBSERVATORY
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 38
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 39
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 40
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - NEWS
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 42
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 43
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 44
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 45
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 46
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 47
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 48
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 49
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 50
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 51
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 52
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - LIFE BEYOND NUMBERS
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 54
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 55
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 56
https://www.nxtbook.fr/newpress/atel/99-4T2017
https://www.nxtbook.fr/newpress/atel/98-3T2017
https://www.nxtbook.fr/newpress/atel/97-2T2017
https://www.nxtbook.fr/newpress/atel/96-1T2017
https://www.nxtbook.fr/newpress/atel/95-4T2016
https://www.nxtbook.fr/newpress/atel/94-3T2016
https://www.nxtbook.fr/newpress/atel/93-2T2016
https://www.nxtbook.fr/newpress/atel/le-magazine-du-tresorier/92-1T2016
https://www.nxtbook.fr/newpress/atel/le-magazine-du-tresorier/91-4T2015
https://www.nxtbook.fr/newpress/atel/le-magazine-du-tresorier/90-3T2015
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/89-2T2015
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/88-1T2015
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/87-4T2014
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/86-3T2014
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/85-2T2014
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/84-1T2014
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/83-4T2013
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/82-3T2013
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/81-2T2013
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/80-1T2013
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/79-3T2012
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/78-2T2012
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/77-1T2012
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/76-4T2011
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/75-3T2011
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/74-2T2011
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/73-1T2011
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/72-4T2010
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/71-3T2010
https://www.nxtbook.com/newpress/atel/le-magazine-du-tresorier/70-2T2010
https://www.nxtbook.com/newpress/atel/le_magazine_du_tresorier-69-1T2010
https://www.nxtbook.com/newpress/atel/lemagazinedutresorier-68-4T2009
https://www.nxtbook.com/newpress/atel/lemagazinedutresorier-67-3T2009
https://www.nxtbook.com/newpress/atel/lemagazinedutresorier-66-2T2009
https://www.nxtbook.com/newpress/atel/lemagazinedutresorier-65-1T2009
https://www.nxtbook.com/newpress/atel/lemagazinedutresorier-63-3T2008
https://www.nxtbook.com/newpress/atel/lemagazinedutresorier-64-4T2008
https://www.nxtbook.com/newpress/atel/lemagazinedutresorier-62-2T2008
https://www.nxtbook.com/newpress/atel/lemagazinedutresorier-61-1T2008
https://www.nxtbook.com/newpress/atel/lemagazinedutresorier-60-4T2007
https://www.nxtbook.com/newpress/atel/lemagazinedutresorier-59-3T2007
https://www.nxtbook.com/newpress/atel/lemagazinedutresorier-58-2T2007
https://www.nxtbook.com/newpress/atel/lemagazinedutresorier-57-1T2007
https://www.nxtbook.com/newpress/atel/lemagazinedutresorier-56-4T2006
https://www.nxtbookmedia.com