영문 ; 유로화는 1999년 도입 이후에 국제금융시장에서 적절한 역할을 수행해 왔는가? = English ; Has the Euro played a good role in the international financial market since its introduction in 1999?

다국어 초록 (Multilingual Abstract)

This study examines the Euro`s international role in the international financial market since its introduction. For that aim, we investigate its effect on the composition of central banks` foreign exchange reserves and its market value based on economic fundamental variables. First, we briefly review the status of the Euro as an international reserve in some key aspects such as the share of the central banks and the trend of exchange rate against major currencies. Second, we test whether the current value of the Euro against the major currencies, such as the US dollar and the Japanese Yen, in international markets reflect the true value of fundamental economic variables or not. We obtain evidence supporting the viewpoint that the Euro has been significantly overvalued above its fundamental values in recent years.