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The U.S. Dollar as an International Currency and Its Economic Effects: Working Paper 2023-04

Daniel Fried

No 58764, Working Papers from Congressional Budget Office

Abstract: The U.S. dollar plays an important role as the most widely used currency in global goods, services, and financial markets. Strong international demand for U.S. dollars and dollar-denominated assets associated with the dollar’s status as an international currency has increased the value of the dollar in foreign exchange markets and the value of dollar-denominated assets in financial markets. As a result, the dollar’s status has contributed to persistent U.S. trade deficits and, by lowering interest rates, to increased access to credit for U.S. households, businesses, and the

JEL-codes: E58 F30 F31 F33 (search for similar items in EconPapers)
Date: 2023-04-17
New Economics Papers: this item is included in nep-ifn, nep-mac, nep-mon and nep-pay
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