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Statut de monnaie de réserve du dollar et seigneuriage américain : bilan et perspectives

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  • Annie Corbin

Abstract

[fre] L'article pose la question de la pérennité du seigneuriage américain associé au statut de monnaie de réserve du dollar. Si la position extérieure nette du pays-centre (créditrice ou débitrice) explique en partie la diffusion de sa monnaie sur le plan international, la dégradation continue du compte courant de la balance des paiements des États-Unis depuis les années 1980 dont le financement est assuré, jusqu'à présent, par des entrées nettes de capitaux, pourrait miner la confiance des investisseurs étrangers et à l'avenir, rendre plus délicat le financement extérieur. L'article tente de relativiser l'idée d'un déclin possible du seigneuriage américain en examinant l'évolution récente de la composition des engagements extérieurs nets des États-Unis. . Classification JEL : F32, F33, N12 [eng] American seignoriage : achievements and challenges. This paper deals with the question of the perennity of American seignorage associated with the dollar's status as reserve currency. If the net investment position (creditor or debtor) of the center country can partly explain the international diffusion of its currency, the persistent degradation of the current account of the balance of payments of the United States since the 1980's, which has been financed up to now by net foreign capital inflows, could undermine the confidence of foreign investors and make the external financing of the United States more difficult. The article attempts to play down the idea of a possible decline of American seignoriage in examining recent changes in the composition of the net US external liabilities. . JEL classifications : F32, F33, N12

Suggested Citation

  • Annie Corbin, 2003. "Statut de monnaie de réserve du dollar et seigneuriage américain : bilan et perspectives," Revue d'Économie Financière, Programme National Persée, vol. 72(3), pages 265-276.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2003_num_72_3_4883
    DOI: 10.3406/ecofi.2003.4883
    Note: DOI:10.3406/ecofi.2003.4883
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    References listed on IDEAS

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    1. Ronald I. McKinnon, 2001. "The International Dollar Standard and the Sustainability of the U.S. Current Account Deficit," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 32(1), pages 227-241.
    2. Maurice Obstfeld & Kenneth S. Rogoff, 2000. "Perspectives on OECD economic integration : implications for U.S. current account adjustment," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 169-208.
    3. Owen F. Humpage, 2001. "International financial flows and the current business expansion," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Apr.
    4. Robert F. Gemmill, 1961. "Interest Rates And Foreign Dollar Balances," Journal of Finance, American Finance Association, vol. 16(3), pages 363-376, September.
    5. Jack L. Hervey & Loula S. Merkel, 2000. "A record current account deficit: causes and implications," Economic Perspectives, Federal Reserve Bank of Chicago, vol. 25(Q IV), pages 2-13.
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    More about this item

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-

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