How the dollar became the world currency

Gluschenko, Konstantin (2024): How the dollar became the world currency.

Abstract

Freezing the reserve assets of some countries and the danger of spreading it to other countries have made the existing international monetary system a very unreliable instrument of international financial relations. This will undoubtedly lead to its transformation, first of all, to a decrease in the role of the US dollar in international trade and finance. In this respect, it is interesting to trace the evolution of the international monetary system, looking at how the US dollar came to dominate it. This is the purpose of this paper. It examines the period before World War II and the emergence of the dollar on the world stage, the rise and fall of the Bretton Woods system, and the subsequent functioning of the international monetary system up to the present.

• Item Type: MPRA Paper
• Language: English
• Keywords: international monetary system gold standard Bretton Woods system International Monetary Fund Jamaica Accords exorbitant privilege
• Subjects: F - International Economics > F0 - General > F01 - Global Outlook; F - International Economics > F3 - International Finance > F33 - International Monetary Arrangements and Institutions; N - Economic History > N1 - Macroeconomics and Monetary Economics ; Industrial Structure ; Growth ; Fluctuations > N10 - General, International, or Comparative

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