Suchergebnisse

International relations are often considered as a separate field of research in social sciences. The key characteristic of this field is the use of a variety of theoretical approaches that leads to the fragmentation of knowledge about International Relations. This article is considering the possibility to synthesize the principles of existing theoretical concepts of international relations by using the basic methodology of economics.

The article examines the welfare implications of the USA and the Euro area joining a currency union as opposed to operating in a flexible exchange rate regime. The condition for the USA and Euro area to create a monetary union is derived from the Barro–Gorden model and the theoretical model of currency union proposed by A. Dixit that is a direct generalization of Barro–Gordon model. This condition is estimated on the USA and Euro area macroeconomic data from 1980 to 2004.

The article analyses currency structure of the international economic relations in the beginning of the 21st century. The author focuses on the changes that have happened in these relations after the introduction of the single European currency. On the basis of data available on the use of the main world currencies by non-residents the article draws a conclusion about a recent significant diversification in the structure of the currency portfolio of the world economy.