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The Benefits of the Dollar System to the United States and the Rest of the World

In: The Global Currency Power of the US Dollar

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  • Anthony Elson

    (Johns Hopkins University)

Abstract

This chapter considers the various benefits for the United States and the rest of the world that can be ascribed to the dollar-dominated international reserve system. Private traders and investors in the United States have gained from the convenience of using the dollar in their cross-border transactions, while the US government has benefitted from the absence of pressure to eliminate its external current account deficit given the strong demand by other countries for its Treasury securities that have been used to finance it. The rest of the world has gained from efforts of the United States to maintain a liberal international economic order and a stable anchor of sustained economic growth and relatively low inflation over the long term.

Suggested Citation

  • Anthony Elson, 2021. "The Benefits of the Dollar System to the United States and the Rest of the World," Springer Books, in: The Global Currency Power of the US Dollar, chapter 0, pages 53-71, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-83519-4_4
    DOI: 10.1007/978-3-030-83519-4_4
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