The Federal Reserve, The Bank Of England And The Rise Of The Dollar As An International Currency, 1914-39

This paper provides new evidence on the rise of the dollar as an international currency, focusing on its role in the conduct of trade and the provision of trade credit. The authors show that the shift to the dollar occurred much earlier than conventionally supposed: during and immediately after World War I. Not just market forces but also policy support - the Fed in its role as market maker - was important for the dollar's overtaking of sterling as the leading international currency.

Provided by: Bank for International Settlements Topic: CXO Date Added: Nov 2010 Format: PDF

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