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The US dollar and its payments system : architecture and political implications

Author

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  • Adrien Faudot

    (CREG - Centre de recherche en économie de Grenoble - UGA [2016-2019] - Université Grenoble Alpes [2016-2019])

Abstract

We aim here to study the frame within which the US dollar circulates, while questioning the role of the main operators which constitute the cross-border dollar payments architecture. The current dollar standard, however, allows the country which issues the currency and centralizes its payment system, through central-bank money emissions, to wield it as a political weapon and as a means to reach political standardization. Envisioning money as a payment system, this paper sheds light on the flaws inherent in the dollar payment system by emphasizing its asymmetrical nature and its reliance on a national payment system rather than on a truly international one.
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Suggested Citation

  • Adrien Faudot, 2018. "The US dollar and its payments system : architecture and political implications," Post-Print halshs-01685548, HAL.
    • Handle: RePEc:hal:journl:halshs-01685548
    DOI: 10.4337/roke.2018.01.05
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    Cited by:

    1. Miriam L. Campanella, 2019. "Far-Reaching Consequences of U.S. Financial Sanctions. The Dollar Shortage and the "Triffin Moment"," Working Papers 1285, Robert Triffin International.

    More about this item

    Keywords

    international monetary system ; US dollar ; payment systems ; monetary power;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-

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