Jump to ContentJump to Main Navigation
The Unloved Dollar StandardFrom Bretton Woods to the Rise of China$
Users without a subscription are not able to see the full content.

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

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use (for details see www.oxfordscholarship.com/page/privacy-policy).date: 20 May 2019

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

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

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

Ronald I. McKinnon

Oxford University Press

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

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .