International Sanctions and Dollar Dominance
通过一个简单的货币模型，研究了国际金融制裁对美元在国际金融体系中主导地位的影响，发现制裁预期会降低美元便利收益和资产持有量，且对各国福利普遍不利。
Abstract 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.