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The Growth in the Role of the Dollar as a Global Currency Power

In: The Global Currency Power of the US Dollar

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  • Anthony Elson

    (Johns Hopkins University)

Abstract

This chapter focuses on the expansion in the role of the dollar as the dominant reserve currency following the break-down of the Bretton Woods system. This expansion reflected both the hegemonic power of the United States as the leading economy in the international system, as well as the decisions of countless traders and investors to use the dollar as the most convenient unit of account and medium of exchange for the conduct of international trade and financial transactions. The unique role of the United States as a global financial intermediary within the international financial system is also examined, along with the factors that have given rise to its “exorbitant privilege” within that system.

Suggested Citation

  • Anthony Elson, 2021. "The Growth in the Role of the Dollar as a Global Currency Power," Springer Books, in: The Global Currency Power of the US Dollar, chapter 0, pages 31-52, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-83519-4_3
    DOI: 10.1007/978-3-030-83519-4_3
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