One of the U.S. dollar’s influential international roles is as the dominant reserve currency, widely used in international foreign exchange reserves, which are rainy day funds for governments.
Is the US dollar's reserve currency status eroding? | Brookings
Robin Brooks analyzes changes in the U.S. dollar's reserve currency status during the second Trump administration.
Looking for a “fair” international monetary system
President Trump’s Chief Economic Adviser, Stephen Miran, has claimed that the international monetary system in which the US provides the rest of the world with a safe, liquid asset is “unfair” as it supposedly prevents the US from eliminating its current account deficit. His proposed solution is to lower the value of the dollar through coordinated currency market intervention by foreign central banks. This column finds the idea that there could be lasting reversal of exchange rates following an international currency agreement highly speculative, and argues that a multipolar system would attenuate the Triffin dilemma and provide the US with a deficit-adjustment tool.
Is Dollar Dominance Good for the U.S.?
Thoughts on the U.S.'s so-called exorbitant privilege.
annotations: Ni Triffin, ni Miran : pourquoi le statut de monnaie de réserve du dollar ne dépend plus du compte courant américain
Blog de sciences économiques et sociales de Martin Anota. Traductions, revues de presse.
Prédominance du dollar dans le système de réserves internationales : mise à jour
IMFBlog est un espace où les services du Fonds monétaire international (FMI) et les autorités nationales échangent leurs points de vue sur l’économie mondiale et les questions de politique économique d’actualité les plus pressantes. Le FMI, dont le siège est à Washington, est une organisation composée de 191 pays membres qui s’emploie à encourager la coopération monétaire internationale et à assurer la stabilité financière dans le monde. Les opinions sont celles des auteurs et ne représentent pas nécessairement celles du FMI ou de son conseil d’administration. Plus
Economic idea — Offset documentation
In traditional monetary systems, money is issued by the state. Participants of the market can then use the money issued by the state to buy and sell goods and services in the market.
The Shadow Dollar System
Iran built a parallel financial infrastructure on the same stablecoin rails the US just legitimized. That contradiction is not an accident.
Keys to Economic Systems - GDKeys
Currencies, sources, sinks, inflation, economic tools, currency protections, economic pillars... In this extensive "Keys to" article we tackle everything you need to know to create your very own, efficient, and self-sustaining economic systems!
Trump est-il en train de casser le dollar ? Une conversation avec Barry Eichengreen | Le Grand Continent
Pour la première fois depuis la Seconde Guerre mondiale, l’hégémonie du dollar est en train de vaciller. Pourtant, ni l’euro, ni le yuan et encore moins le bitcoin ne semblent pouvoir devenir, demain, des monnaies de réserve. Pour comprendre pourquoi — et tenter de s’orienter dans un moment d’incertitude extrême — nous avons interrogé l’un des plus grands spécialistes de la monnaie, l’économiste Barry Eichengreen.
annotations: Que faire face à la sous-évaluation des monnaies asiatiques ?
Traduction française du billet de blog de Jeffrey Frankel, "Undervaluation of Asian currencies"
Le dollar n’est pas responsable du déficit courant américain
Traduction française du billet "Don't blame America's current account deficit on the dollar" de Maurice Obstfeld
Who supplies and demands safe assets – and why it matters
Safe assets are the building blocks of modern financial markets. This column examines the sectoral dynamics of safe assets across advanced economies since the 1980s. It shows that foreign demand for these assets has steadily increased, with the financial sector playing a key role in meeting it. However, because financial institutions often back the safe assets they create with risky loans, this rising foreign demand can fuel domestic credit booms and contribute to macroeconomic instability. The results highlight the importance of carefully managing the creation of safe assets within the global financial system.
Argentina Needs Foreign Exchange Reserves of its Own | Council on Foreign Relations
The pressure on Argentina’s reserves predated the increase in uncertainty ahead of Argentina’s October election, and it is unlikely to dissipate in full even after Milei’s victory.
Trump-linked World Liberty crypto venture gets preliminary approval from currency comptroller
World Liberty Financial's proposed national trust bank would issue and manage the USD1 stablecoin under OCC supervision, but key preopening hurdles remain.
Trump’s Venezuela oil deal gives US access to vast reserves as Iran war drives energy concerns | The National
Agreement deepens US involvement in Venezuela’s oil industry as midterms approach and energy prices remain elevated
annotations: La globalisation, la fragmentation et le système monétaire international
Traduction française de "Globalisation, fragmentation, and the international monetary system" de Barry Eichengreen