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The Unloved Dollar StandardFrom Bretton Woods to the Rise of China$
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Ronald I. McKinnon

Print publication date: 2012

Print ISBN-13: 9780199937004

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199937004.001.0001

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The U.S. Dollar's Facilitating Role as International Money Today

The U.S. Dollar's Facilitating Role as International Money Today

Chapter:
(p.17) Chapter 2 The U.S. Dollar's Facilitating Role as International Money Today
Source:
The Unloved Dollar Standard
Author(s):

Ronald I. McKinnon

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199937004.003.0002

Banks find a great economy of markets if just one currency, the Nth, intermediates virtually all foreign exchange transacting. Data from the Bank for International Settlements shows that the dollar is now the world's means of payment, store of value, and unit of account despite great financial traumas emanating from the United States and the decline in the euro. Emerging markets with saving (trade) surpluses are more or less confined to lending in dollars; and, outside of Europe, developing countries with trade deficits usually cover them by borrowing in dollars. Interest rates on U.S. Treasuries are considered the “risk free” benchmark in international bond markets.

Keywords:   vehicle currency, invoice currency, standard of deferred payment, Nth currency, official reserves

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