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Michał Konopczak

Michał Konopczak

graduated from the Warsaw School of Economics (MA in Finance and Banking -- 2008, MA in Economics -- 2008, PhD in Finance -- 2012). Currently an assistant professor in the Institute of International Economic Policy (Warsaw School of Economics), and a deputy head of the Financial Markets and Instruments Division (Financial Stability Department at Narodowy Bank Polski). Member of the supervisory college for KDPW_CCP. Areas of professional interest include financial markets and financial risk management.

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Svitlana Galeshchuk, Michał Konopczak, Dobiesław Tymoczko: Evolution of the euro's role as an international currency vis-a-vis the US dollar

This paper analyses foreign exchange rates’ interdependence using a minimum spanning tree approach in order to determine the euro’s area of influence and examine its evolution vis-à-vis the US dollar as world’s top international and reserve currency. Though typically used in other disciplines, a minimum spanning tree proves to be a powerful statistical method for clustering and visualization of financial data. We address some of its shortcomings by employing nonlinear similarity measures and using the bootstrap technique to verify the reliability of links. The study reveals the formation of robust cluster with euro-oriented currencies over the past 27 years that undermines the US dollar’s dominant position in the global FX market.

Last modified: 2019.10.29.