The US dollar and its payments system: architecture and political implications

Adrien Faudot

Review of Keynesian Economics, 2018, vol. 6, issue 1, 83-95

Abstract: We aim here to study the frame within which the US dollar circulates, while questioning the role of the main operators which constitute the cross-border dollar payments architecture. The current dollar standard, however, allows the country which issues the currency and centralizes its payment system, through central-bank money emissions, to wield it as a political weapon and as a means to reach political standardization. Envisioning money as a payment system, this paper sheds light on the flaws inherent in the dollar payment system by emphasizing its asymmetrical nature and its reliance on a national payment system rather than on a truly international one.

Keywords: international monetary system; US dollar; payment systems; monetary power (search for similar items in EconPapers)
JEL-codes: E42 F33 N22 (search for similar items in EconPapers)
Date: 2018
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