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The Dollar'S International Role

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  • CRAIG S. Hakkio

Abstract

The dollar was the dominant international currency following World War II. However, as the international economy has changed in dramatic ways, the dollar's international role also has changed. Although the dollar's role has declined, it remains an important international currency. Furthermore, the world does not appear to be moving toward a tripolar monetary system. The dollar and the deutsche mark, not the yen, are the most important international currencies. The dollar's role has declined due to the collapse of the Bretton Woods system in 1973, the decline in the relative importance of the United States, and deregulation of the world financial market.

Suggested Citation

  • CRAIG S. Hakkio, 1993. "The Dollar'S International Role," Contemporary Economic Policy, Western Economic Association International, vol. 11(2), pages 62-75, April.
    • Handle: RePEc:bla:coecpo:v:11:y:1993:i:2:p:62-75
    DOI: 10.1111/j.1465-7287.1993.tb00380.x
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    References listed on IDEAS

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    1. Krugman, Paul, 1980. "Vehicle Currencies and the Structure of International Exchange," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(3), pages 513-526, August.
    2. Magee, Stephen P & Rao, Ramesh K S, 1980. "Vehicle and Nonvehicle Currencies in International Trade," American Economic Review, American Economic Association, vol. 70(2), pages 368-373, May.
    3. Mr. George S Tavlas & Yusuru Ozeki, 1991. "The Japanese Yen as an International Currency," IMF Working Papers 1991/002, International Monetary Fund.
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    Cited by:

    1. Pandey, Dharen Kumar & Lucey, Brian M. & Kumar, Satish, 2023. "Border disputes, conflicts, war, and financial markets research: A systematic review," Research in International Business and Finance, Elsevier, vol. 65(C).

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