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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
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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

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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

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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

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