Global public good or financial weapon? Dollar hegemony to the test of sanctions
DOI:
https://doi.org/10.13133/2037-3651/17789Keywords:
dollar hegemony, economic sanctions, cryptocurrenciesAbstract
Despite the declining weight of the United States in global trade and production, the dollar retains its role as an international currency, remaining the most widely used money worldwide as a unit of account, medium of exchange and store of value for denominating, settling and guaranteeing cross-border economic and financial relations. This has allowed the United States and its allies to resort to blocking access to the payments system as a form of economic sanction in the context of conflicts. By analyzing the economic and financial sanctions imposed increasingly in recent years, as well as the countermeasures taken by affected countries through traditional payment systems and cryptocurrencies, this paper aims to understand whether and how the weaponization of the dollar can undermine the ability of the United States to maintain global monetary hegemony.
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