How the dollar became the world currency

Konstantin Gluschenko

MPRA Paper from University Library of Munich, Germany

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.

Keywords: international; monetary; system; gold; standard; Bretton; Woods; system; International; Monetary; Fund; Jamaica; Accords; exorbitant; privilege (search for similar items in EconPapers)
JEL-codes: F01 F33 N10 (search for similar items in EconPapers)
Date: 2024-08-16
New Economics Papers: this item is included in nep-his, nep-mon and nep-pay
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:121740

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