The Triffin Dilemma, Exorbitant Privileges,and US Monetary Power Beyond International Reserve Currency
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This paper argues that contemporary US monetary power is inherently linked to the monetary dynamics of financial globalization well beyond the sphere of geopolitics or inter-state relations in the International Political Economy literature. This understanding requires us to revisit and critically reengage in the Triffin Dilemma to reveal an inadequate understanding of the US dollar and US deficits. The real issue of the Triffin Dilemma is neither persistent US deficits nor the reserve role of the US dollar, but the widened role of the US dollar featured in the expansion of cross-border financial networks. The paper suggests that the widespread embrace of the US dollar as a key reserve currency does not fully represent the global role of the US dollar. It therefore contributes to the study of US global monetary power beyond US national characteristics.
Abstract
This paper argues that contemporary US monetary power is inherently linked to the monetary dynamics of financial globalization well beyond the sphere of geopolitics or inter-state relations in the International Political Economy literature. This understanding requires us to revisit and critically reengage in the Triffin Dilemma to reveal an inadequate understanding of the US dollar and US deficits. The real issue of the Triffin Dilemma is neither persistent US deficits nor the reserve role of the US dollar, but the widened role of the US dollar featured in the expansion of cross-border financial networks. The paper suggests that the widespread embrace of the US dollar as a key reserve currency does not fully represent the global role of the US dollar. It therefore contributes to the study of US global monetary power beyond US national characteristics.