Menu Expand

Der Dollar als internationale Schlüsselwährung

  1. Journals
  2. Economics, Finance, Business & Management
  3. Credit and Capital Markets – Kredit und Kapital
  4. Vol. 22, Issue 3
  5. pp. 375–402

JOURNAL ARTICLE

Cite JOURNAL ARTICLE

Style
Klump, R. Der Dollar als internationale Schlüsselwährung. . Ursachen und Perspektiven. Credit and Capital Markets – Kredit und Kapital, 22(3), 375-402. https://doi.org/10.3790/ccm.22.3.375
Klump, Rainer "Der Dollar als internationale Schlüsselwährung. Ursachen und Perspektiven. " Credit and Capital Markets – Kredit und Kapital 22.3, 1989, 375-402. https://doi.org/10.3790/ccm.22.3.375
Klump, Rainer (1989): Der Dollar als internationale Schlüsselwährung, in: Credit and Capital Markets – Kredit und Kapital, vol. 22, iss. 3, 375-402, [online] https://doi.org/10.3790/ccm.22.3.375
Format
Download

Der Dollar als internationale Schlüsselwährung

Ursachen und Perspektiven

Klump, Rainer

Credit and Capital Markets – Kredit und Kapital, Vol. 22 (1989), Iss. 3 : pp. 375–402

Read Now Download (PDF)

Additional Information

Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/ccm.22.3.375
Language
Multiple languages
Pages
28

Author Details

Rainer Klump, Nürnberg

References

  1. Ben-Bassat, Avraham (1984): Reserve-Currency Diversification and the Substitution Account, Studies in International Finance No 53, Princeton, N.J., March.  Google Scholar
  2. Bilson, John F. O. (1983): The Choice of an Invoice Currency in International Transactions, in: Bhandari, J. / Putnam, B. (eds.), Economic Interdependence and Flexible Exchange Rates, Cambridge, Ma. – London, S. 384 – 401.  Google Scholar
  3. Brill, Daniel H. (1981): The Changing Role of the United States in the World Economy, in: Sargent, J. (ed.), Europe and the Dollar in the World-Wide-Disequilibrium, Alphen aan den Rij/n Rockville, S.19 – 35.  Google Scholar
  4. Chrystal, K. Alec (1984): On the Theory of International Money, in: Black, J. / Dorrance, G. (eds.), Problems of International Finance, London – Basingstoke, S. 77 – 82.  Google Scholar
  5. Cohen, Benjamin J. (1971): The Future of Sterling as an International Currency, London – Basingstoke.  Google Scholar
  6. Cornell, Bradford (1980): The Denomination of Foreign Trade Contracts Once Again, in: Journal of Financial and Quantitative Analysis, Vol.15, S. 933 – 944.  Google Scholar
  7. Grasman, Sven (1973): A Fundamental Symmetry in International Payment Patterns, in: Journal of International Economics, Vol. 3, S.105 – 116.  Google Scholar
  8. Group of Thirty (1980): Foreign Exchange Markets under Float ing Exchange Rates, New York.  Google Scholar
  9. Gocht, Werner (Hrsg.) (1985): Handbuch der Metallmärkte, 2. Aufl., Berlin – Heidelber-g New Yo-rTokkyo.  Google Scholar
  10. Harbrecht, Wolfgang (1982): Die DM als internationale Reservewährung – Ursachen und wirtschaftspolitische Konsequenzen, in: Göppl, H. / Henn, R. (Hrsg.), Geld, Banken und Versicherungen, Band I., Königstein/Ts., S. 227 – 238.  Google Scholar
  11. Heller, H. Robert / Knight, Malcolm (1978): Reserve-Currency Preferences of Central Banks, Essays in International Finance No.131, Princeton, N.J., December.  Google Scholar
  12. Herman, Barry (1987): The United States As a Debtor Country: Indicators of Resource Transfer and Solvency, United Nations, Department of International Economic and Social Affairs, Working Paper No. 2, February.  Google Scholar
  13. Horii, Akinari (1986): The Evolution of Reserve Currency Diversification, BIS Economic Paper No. 18, Basle, December. – International Monetary Fund: Annual Report 1980, International Financial Statistics Yearbook 1987, International Financial Statistics – Supplement on Output Statistics 1984, International Financial Statistics Yearbook – Supplement on Price Statistics 1981 und 1986.  Google Scholar
  14. Issing, Otmar (1965): Leitwährung und internationale Währungsordnung, Berlin.  Google Scholar
  15. Johnson, R. Stafford / Hultman, Charles W./ Zuber, Richard A. (1979): Currency Cocktails and Exchange Rate Stability, in: Columbia Journal of World Business, Vol.14, S.117-126.  Google Scholar
  16. Kenen, Peter B. (1980): The Role of the Dollar as an International Currency, Group of Thirty Occasional Paper No.13, New York.  Google Scholar
  17. Kindleberger, Charles P. (1965): Balance of Payments Deficits and the International Market for Liquidity, Essays in International Finance No. 46, Princeton, N.J., May.  Google Scholar
  18. Kindleberger, Charles P. (1981): The Dollar and World Liquidity (1966), in: derselbe, International Money – A Collection of Essays, London – Boston – Sydney, S. 42 – 52.  Google Scholar
  19. Kindleberger, Charles P. (1985): The Dollar Yesterday, Today, and Tomorrow, in: Banca Nazionale de Lavoro Quarterly Review, No.155, December, S. 295 – 308.  Google Scholar
  20. Klein, Benjamin / Melvin, Michael (1982): Competing International Monies and International Monetary Arrangements, in: Conolly, M. (ed.), The International Monetary System-Choices for the Future, New York, S.199 – 225.  Google Scholar
  21. Klopstock, Fred H. (1957): The International Status of the Dollar, Essays in International Finance No. 28, Princeton, N.J., May.  Google Scholar
  22. Klump, Rainer (1986): Entstehung und Verwendung internationaler Schlüsselwährungen. Theoretische Erklärungen, historische Erfahrungen, wirtschaftspolitische Schlußfolgerungen, Hamburg.  Google Scholar
  23. Klump, Rainer (1988): Das Tiffin-Dilemma, in: Wirtschaftswissenschaftliches Studium (WIST), Vol. 17, S. 79 – 82.  Google Scholar
  24. Kouri, Pentti J. K. / Maceco, Jorge Braga de (1978): Exchanges Rates and the International Adjustment Process, in: Brookings Papers on Economic Activity, 1, S.111 – 150.  Google Scholar
  25. Krugman, Paul (1980): Vehicle Currencies and the Structure of International Trade, in: Journal of Money, Credit and Banking, Vol. 12, S. 513 – 526.  Google Scholar
  26. Krugman, Paul (1984): The International Role of the Dollar: Theory and Prospects, in: Bilson, J. / Marston, R. (eds.), Exchange Rate Theory and Practice, Chicago – London, S. 261 – 278.  Google Scholar
  27. Lipschitz, Leslie / Sundarjan, V. (1980): The Optimal Basket in a World of Generalized Floating, in: IMF-Staff Papers, Vol. 27, S. 80 – 100.  Google Scholar
  28. Logue, Dennis E. / Willet, Thomas (1976): A Note on the Relation between the Rate and the Variability of Inflation, in: Economica, Vol. 43, S.151 – 158.  Google Scholar
  29. Macedo, Jorge Braga de (1982): Portfolio Diversification Across Currencies, in: Cooper, R. F. et al. (eds.), The International Monetary System Under Flexible Exchange Rates – Global, Regional, and National, Cambridge, Ma., S. 69 -100.  Google Scholar
  30. Macedo, Jorge Braga de/ Goldstein, Jeffrey A. / Meerschwam, David M. (1984): International Portfolio Diversification: Short-Term Financial Assets and Gold, in: Bilson, J. / Marston, R. (eds.), Exchange Rate Theory and Practice, Chicago – London, S.199 – 238.  Google Scholar
  31. Magee, Stephen P. / Rao, Ramesh K. S. (1980): Vehicle and Non-Vehicle Currencies in International Trade, in: American Economic Review, Vol. 70, S. 268 – 373.  Google Scholar
  32. Mattione, Richard P. (1985): OPEC’s Investments and the International Financial System, Washington, D.C.  Google Scholar
  33. McKinnon, Ronald I. (1979): Money in International Exchange – The Convertible Currency System, New York – Oxford.  Google Scholar
  34. Neumann, Manfred (1981): Theoretische Aspekte der DM als internationale Anlage- und Reservewährung, in: Bruns, G. / Häuser, K. (Hrsg.), Die Deutsche Mark als internationale Anlage- und Reservewährung – Folgen für den Kapit lmarkt, Frankfurt/Main, S. 7 – 23.  Google Scholar
  35. Niehans, Jürg (1980): Theorie des Geldes, Bern – Stuttgart.  Google Scholar
  36. Niehans, Jürg (1984): International Monetary Economics, Baltimore.  Google Scholar
  37. Pag , S. A.B. (1981): The Choice of Invoicing Currency in Merchandise Trade, in: National Institute Economic Review No. 98, November, S. 60 – 72.  Google Scholar
  38. Richter, Rudolf (1987): Geldtheorie, Berlin – Heidelberg.  Google Scholar
  39. Schulenburg, J.-Matthias von der (1984): Who Wants to Go Shopping with a Currency Basket – A Risk Theoretical Study, in: Jahrbücher für Nationalökonomie und Statistik, Vol.199, S. 65 – 75.  Google Scholar
  40. Siglienti, Sergio (1981): The Future of the Dollar as a Reserve Asset, in: Sargent, J. (ed.), Europe and the Dollar in the World-Wide Disequilibrium, Alphen aan den Rijn / Rockville, S.185 – 223.  Google Scholar
  41. Sommer-Herberich, Ursula (1983): Probleme der Inteventionspolitik am Devisenmarkt unter besonderer Berücksichtigung des Europäischen Währungssystems, Frankfurt/Main – Bern – New York.  Google Scholar
  42. Stadermann, Hans-Joachim (1987): Der unaufhaltsame Abstieg eines Leitwährungslandes, in: Kredit und Kapital, Vol. 20, S. 215 – 235.  Google Scholar
  43. Triffin, Robert (1986): Correcting the World Monetary Scandal, in: Challenge, January – February, S. 4 – 14.  Google Scholar
  44. United Nations: Statistical Yearbooks, Yearbooks on International Trade Statistics.  Google Scholar
  45. Wihlbourg, Clas (1978): Currency Risks in International Financial Markets, Studies in International Finance No. 44, Princeton, N.J., December.  Google Scholar
  46. Zumpfort, Wolf-Dieter (1977): Untersuchungen zum Wachstum des Eurodollarmarktes, Tübingen.  Google Scholar

Abstract

The Dollar as an International Key Currency. Reasons and Perspectives

The US dollar has been by far the most important international key currency todate. However, a rising number of voices have been heard recently that predict – as was the case already once in the end-1950s – the early loss of its dominant position in the international currency system. Assessing the dollar’s special position and its future development presupposes a theory that allows to reduce the existence of international key currencies to rational decision-making by private individuals and by monetary authorities. Within the framework of such a theory pertaining to international key currencies it is possible to identify transaction costs, monetary risks and the process of international liquidity transformation as factors that can explain the rise of the dollar to its dominant position as an international key currency. Since several factors must come together in order to give a currency the status of a key currency, it is not possible either to explain emergency-like changes in status in just one respect. Insofar neither the USA’s high level of external debts nor the decline of the rate of exchange of the dollar represent, of necessity, the end of the international dollar standard. Together with a strongly rising rate of inflation, increasing protectionism and declining savings formation in the USA, it may nonetheless initiate a dramatic decline in the international use of the dollar.

Table of Contents

Section Title Page Action Price
Rainer Klump: Der Dollar als internationale Schlüsselwährung. Ursachen und Perspektiven 375
I. Ein neues Triffin-Dilemma? 375
II. Der Dollar als internationale Schlüsselwährung - eine Bestandsaufnahme 376
III. Die internationale Verwendung des US-Dollars im Lichte der Theorie internationaler Schlüsselwährungen 378
1. Transaktionskosten und internationale Schlüsselwährungen 378
2. Währungsrisiken und internationale Schlüsselwährungen 383
3. Liquiditätstransformation und internationale Schlüsselwährungen 387
IV. Schlußfolgerungen 392
Literaturverzeichnis 398
Zusammenfassung: Der Dollar als internationale Schlüsselwährung. Ursachen und Perspektiven 400
Summary: The Dollar as an International Key Currency. Reasons and Perspectives 401
Résumé: Le dollar en tant que monnaie clé internationale. Causes et perspectives 401

Contact

Duncker & Humblot GmbH Carl-Heinrich-Becker-Weg 9 12165 Berlin, Deutschland T: +49 30 790006-0

Quick Navigation

2024 Duncker & Humblot GmbH

Powered by CloudPublish

We use cookies to ensure that you get the best experience on our website. Learn more about how we use cookies.