International currency

Carsten Hefeker

Chapter 54 in Elgar Encyclopedia of Public Choice, 2025, pp 384-389 from Edward Elgar Publishing

Abstract: The chapter discusses the political economy of the choice and use of an international currency, a role currently fulfilled by the US dollar. I consider the distributional consequences and potential benefits of operating an international currency for private individuals and countries. This leads to the discussion of what requirements a currency must fulfill to be widely adopted by other countries and foreign individuals, and whether there is potential for more than one international currency. I conclude that the dollar is unlikely to lose its dominant role in the near future.

Keywords: International Currency; Exchange Rate Regime; Euro; Renminbi (search for similar items in EconPapers)
Date: 2025
ISBN: 9781802207743
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