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International Sanctions and Dollar Dominance

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  • Javier Bianchi
  • César Sosa-Padilla

Abstract

We propose a simple monetary model to investigate the implications of international financial sanctions for the pre-eminence of the US dollar in the international financial system. We show how the anticipation of financial sanctions can reduce the US dollar convenience yield and the holdings of US dollar assets. We also evaluate the implications for welfare and show that they are generally detrimental for all countries.

Suggested Citation

  • Javier Bianchi & César Sosa-Padilla, 2025. "International Sanctions and Dollar Dominance," The Economic Journal, Royal Economic Society, vol. 135(672), pages 2567-2577.
    • Handle: RePEc:oup:econjl:v:135:y:2025:i:672:p:2567-2577.
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    File URL: http://hdl.handle.net/10.1093/ej/ueaf052
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