International Sanctions and Dollar Dominance
成果类型：
Article; Early Access
署名作者：
Bianchi, Javier; Sosa-Padilla, Cesar
署名单位：
Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Notre Dame; University of Cambridge
刊物名称：
ECONOMIC JOURNAL
ISSN/ISSBN：
0013-0133
DOI：
10.1093/ej/ueaf052
发表日期：
2025
关键词：
摘要：
We propose a simple monetary model to investigate the implications of international financial sanctions for the pre-eminence of the US dollar in the international financial system. We show how the anticipation of financial sanctions can reduce the US dollar convenience yield and the holdings of US dollar assets. We also evaluate the implications for welfare and show that they are generally detrimental for all countries.
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