Bene pubblico globale o arma finanziaria? L'egemonia del dollaro alla prova delle sanzioni (Global public good or financial weapon? Dollar hegemony to the test of sanctions)

Luca Fantacci (), Lucio Gobbi and Dario Luciani ()
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Luca Fantacci: Universita' degli Studi di Milano
Dario Luciani: Universita' Bocconi, Milano

Moneta e Credito, 2022, vol. 75, issue 298, 123-147

Abstract: Nonostante il peso decrescente degli Stati Uniti nel commercio e nella produzione globale, il dollaro conserva il ruolo di moneta internazionale, restando la valuta piu' utilizzata in tutto il mondo come unita' di conto, mezzo di scambio e riserva di valore per denominare, regolare e garantire le relazioni economiche e finanziarie transfrontaliere. Cio' ha consentito agli Stati Uniti e ai loro alleati di ricorrere alla possibilita' di bloccare l'accesso al sistema dei pagamenti come forma di sanzione economica nel quadro di conflitti. Analizzando le sanzioni economiche e finanziarie imposte in misura crescente negli ultimi anni, nonche' le contromisure adottate dai paesi colpiti attraverso sistemi di pagamento tradizionali e criptovalute, il presente lavoro si propone di comprendere se e in che modo la trasformazione del dollaro in un'arma puo' compromettere la capacita' degli Stati Uniti di conservare l'egemonia monetaria globale. Despite the declining weight of the United States in global trade and production, the dollar retains its role as an international currency, remaining the most widely used money worldwide as a unit of account, medium of exchange and store of value for denominating, settling and guaranteeing cross-border economic and financial relations. This has allowed the United States and its allies to resort to blocking access to the payments system as a form of economic sanction in the context of conflicts. By analyzing the economic and financial sanctions imposed increasingly in recent years, as well as the countermeasures taken by affected countries through traditional payment systems and cryptocurrencies, this paper aims to understand whether and how the weaponization of the dollar can undermine the ability of the United States to maintain global monetary hegemony.

Keywords: Dollar hegemony; economic sanctions; cryptocurrencies (search for similar items in EconPapers)
JEL-codes: E42 F33 F51 (search for similar items in EconPapers)
Date: 2022
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