Significance of dollar as world currency

Hrvoje Jošić () and Petar Mezga ()
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Hrvoje Jošić: Faculty of Economics and Business, University of Zagreb
Petar Mezga: Student at the Faculty of Economics and Business, University of Zagreb

Notitia - journal for economic, business and social issues, 2015, vol. 1, issue 1, 135-146

Abstract: The subject of the paper is the importance of the dollar as a world currency. The paper analyzes how the dollar became a world currency, the implications of its role as a world currency in the economy of the United States and other countries, and how various changes in the world economy (the global financial crisis that began in 2007, the emergence and growing importance of the euro, and the potential growth of the yuan) affect the status of the dollar as a world currency. In accordance with the topic of the paper, the historical context or environment in which the dollar has emerged as the leading world currency is analysed, along with economic context in which the phenomena prominently connects this world currency issuer with the economy of the country and its impact on other countries. The impact of the global financial crisis on the dollar, its current status and future perspectives are also analyzed. Accelerated growth in developing countries and the increase in the importance of the euro and the yuan in international payments represent challenges to the dollar in the near future, when it is expected that a system will develop using several world currencies, instead of one dominant world currency.

Keywords: dollar; world currency; global financial crisis (search for similar items in EconPapers)
JEL-codes: F31 (search for similar items in EconPapers)
Date: 2015
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