Comment le dollar devient-il une monnaie internationale ?

Michel Lelart

Revue d'économie financière, 2012, vol. N° 107, issue 3, 265-288

Abstract: The US dollar is not like any other national or regional currency; it is also an international one. More precisely, it becomes an international currency each time it is transferred by a US resident to a non-resident. This paper analyses all the transactions that are summarized in the US balance of payments, which is presented as the balance sheet of a bank that creates money. It also contrasts these money-creation mechanisms with the conventional intermediation mechanisms. The analysis is then carried to the level of stocks that appear in the International Investment Position of the United States. Finally, this paper presents the evolution of the flows and stocks of the creation of the US international currency, notably in the context of the effects of the 2008-2009 financial crisis. Classification JEL : E51, F31, F33, G15.

JEL-codes: E51 F31 F33 G15 (search for similar items in EconPapers)
Date: 2012
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