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Historical Analysis of the Role of the Dollar in International Finance
Finance & Accounting
Pages 8 (2008 words)
Today there are the passions around the world reserve currency - the dollar - in the current global crisis. For people thinking today it is important to formalize and objectify the U.S. dollar in global history. It is also important to recognize and value of the dollar in the early 21st century…
Dollars are illegitimate world money. But there is no international agreement that would constitute dollar in this capacity. This means that the U.S. does not carry the world community no responsibility for their actions in respect of its national currency, which is reflected directly on the world financial system. Similarly, the global community has no obligation with respect to the dollar. The world depends on the U.S. dollar and the management of monetary system, but in turn depends on the United States and the international community and on its relation to the dollar. All these relations are not regulated in any way, not legalized, not codified. It is impossible to build the global financial system in such a shaky foundation and it will be understood by the international community will sooner or later. This paper is one attempt to thinking about the dollar's role in the economy of the past and present. In the history of the 20th century, in the format of the financial and economic transformation of areas of greatest interest is the process of becoming the world's reserve currency. In the early 21st century, the world's reserve currency is the dollar. The history of the dollar until 1913 is not a history of world currency. ...
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