La lente et irrésistible ascension du dollar des États-Unis au statut de monnaie internationale (1914-1958)

摘要

The Slow and Irrepressible Ascent of the US Dollar as the World's Pre-Eminent International Currency (1914-1958) This article offers an historical explanation of the trends in the international use of the dollar from 1914 to 1958. Several factors are necessary for a currency to be used internationally. First, there needs to be confidence in its value and, therefore, in the issuing country's inflation performance. Second, there needs to be confidence in the political stability of the issuing government. Third, the issuing country should possess financial markets that are substantially free of controls, broad (that is, containing a wide variety of financial instruments) and deep (that is, having well-developed secondary markets). Well-developed fmancial markets contribute to the international demand for the US currency, reflecting central banks' and other investors' preferences for safe, liquid financial instruments. Classification JEL : E42, N12, N22, N24