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The International Role of the U.S. Dollar

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Abstract

For most of the last century, the preeminent role of the U.S. dollar in the global economy has been supported by the size and strength of the U.S. economy, its stability and openness to trade and capital flows, and strong property rights and the rule of law. As a result, the depth and liquidity of U.S. financial markets is unmatched, and there is a large supply of extremely safe dollar-denominated assets.

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  • Carol C. Bertaut & Stephanie E. Curcuru & Bastian von Beschwitz, 2021. "The International Role of the U.S. Dollar," FEDS Notes 2021-10-06-2, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2021-10-06-2
    DOI: 10.17016/2380-7172.2998
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    Cited by:

    1. Schclarek, Alfredo & Xu, Jiajun, 2022. "Exchange rate and balance of payment crisis risks in the global development finance architecture," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 79(C).

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