This paper argues that introducing a standardized international debt instrument by denominating it in a “World Currency Unit" consisting of a basket of five currencies, namely the US dollar, the Euro, the Yen, the Canadian dol1ar, and the Australian dollar and indexing against inflation will improve efficiency in the world capital market and enhance stability in foreign exchange markets, thus rendering financial market turmoil less likely .
Towards a new international monetary order : the world currency unit and the global indexed bondCentre for Public Policy Studies : CPPS Working Paper Series
Document TypePaper Series
Citation InformationHo, L. S. (1999). Towards a new international monetary order: The world currency unit and the global indexed bond (CPPS Working Paper Series No.89). Retrieved from Lingnan University website: http://commons.ln.edu.hk/cppswp/45/