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La lente et irrésistible ascension du dollar des États-Unis au statut de monnaie internationale (1914-1958)

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  • Gérard Marie Henry

Abstract

[eng] The Slow and Irrepressible Ascent of the US Dollar as the World's Pre-Eminent International Currency (1914-1958) . This article offers an historical explanation of the trends in the international use of the dollar from 1914 to 1958. Several factors are necessary for a currency to be used internationally. First, there needs to be confidence in its value and, therefore, in the issuing country's inflation performance. Second, there needs to be confidence in the political stability of the issuing government. Third, the issuing country should possess financial markets that are substantially free of controls, broad (that is, containing a wide variety of financial instruments) and deep (that is, having well-developed secondary markets). Well-developed fmancial markets contribute to the international demand for the US currency, reflecting central banks' and other investors' preferences for safe, liquid financial instruments. . Classification JEL : E42, N12, N22, N24 [fre] Cet article propose une explication historique de l'apparition et du développement du rôle international du dollar de 1914 à 1958, en mettant particulièrement l'accent sur le rôle des marchés financiers américains qui fonctionnent sans interférence gouvernementale excessive, qui sont larges - c'est-à-dire qui englobent une large palette d'instruments financiers - et qui sont profonds - c'est-à-dire qui s'appuient sur des marchés secondaires largement développés. Des marchés financiers liquides, larges et profonds contribuent à la demande internationale de la monnaie des États-Unis, car ils reflètent les préférences des investisseurs et des banques centrales pour des instruments financiers sûrs et liquides. . Classification JEL : E42, N12, N22, N24

Suggested Citation

  • Gérard Marie Henry, 2009. "La lente et irrésistible ascension du dollar des États-Unis au statut de monnaie internationale (1914-1958)," Revue d'Économie Financière, Programme National Persée, vol. 94(1), pages 21-54.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2009_num_94_1_5291
    DOI: 10.3406/ecofi.2009.5291
    Note: DOI:10.3406/ecofi.2009.5291
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    References listed on IDEAS

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    1. Eichengreen, Barry & Flandreau, Marc, 1994. "The Geography of the Gold Standard," Center for International and Development Economics Research (CIDER) Working Papers 233393, University of California-Berkeley, Department of Economics.
    2. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1.
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    More about this item

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Systems; Standards; Regimes; Government and the Monetary System
    • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-
    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Systems; Standards; Regimes; Government and the Monetary System
    • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-
    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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