The International Role of the Dollar: Does It Matter if This Changes?

26 Pages Posted: 18 Oct 2011

See all articles by Linda S. Goldberg

Linda S. Goldberg

Federal Reserve Bank of New York; National Bureau of Economic Research (NBER)

Date Written: October 1, 2011

Abstract

There is often speculation that the international roles of currencies may be changing. This paper presents the current status of these roles. The U.S. dollar continues to be the dominant currency across various uses. Yet, such a role may change over time. If this occurs, there could be consequences for seignorage returns, U.S. funding costs, the dollar’s value, U.S. insulation from foreign shocks, and U.S. global influence. The paper concludes with a discussion of recent research on related themes and questions for future study.

Keywords: dollar, United States

JEL Classification: F3, F4

Suggested Citation

Goldberg, Linda S., The International Role of the Dollar: Does It Matter if This Changes? (October 1, 2011). FRB of New York Staff Report No. 522. Available at SSRN: https://ssrn.com/abstract=1945339 or http://dx.doi.org/10.2139/ssrn.1945339

Linda S. Goldberg (Contact Author)

Federal Reserve Bank of New York ( email )

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New York, NY 10045
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National Bureau of Economic Research (NBER)

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