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The Origins of the Global Currency Power of the US Dollar

In: The Global Currency Power of the US Dollar

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  • Anthony Elson

    (Johns Hopkins University)

Abstract

This chapter focuses on the historical foundation of the global currency power of the dollar that was first recognized in the Bretton Woods Agreement which established the International Monetary Fund in 1944. The operations and functions of the IMF are briefly discussed, as well as a number of efforts made by the advanced countries during the 1960s to maintain the Bretton Woods system of fixed exchange rates pegged to the dollar in the face of threats arising from instabilities in the US economy. The transition to the current post-Bretton Woods era during the mid-1970s is then discussed, in which the dollar has continued to function as the de facto central reserve currency up until the present day.

Suggested Citation

  • Anthony Elson, 2021. "The Origins of the Global Currency Power of the US Dollar," Springer Books, in: The Global Currency Power of the US Dollar, chapter 0, pages 15-30, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-83519-4_2
    DOI: 10.1007/978-3-030-83519-4_2
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    Cited by:

    1. Wang, Peiwan & Zong, Lu, 2023. "Does machine learning help private sectors to alarm crises? Evidence from China’s currency market," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 611(C).

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