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Währungsregime im Wandel – Was wird aus dem US-Dollar?

Von Pascal Blanqué, Chairman des Amundi Institute, und Tristan Perrier, Macroeconomist and Investment Insights, Amundi Institute

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Die Vormachtstellung des US-Dollars hat wenig damit zu tun, ob sein Kurs an den Devisenmärkten steigt oder fällt. Er dominiert auf den Finanzmärkten und im internationalen Handel und ist trotz des sinkenden Anteils des US-BIP an der Weltwirtschaft die „Ankerwährung“ schlechthin geblieben.

Das globale Währungsregime der letzten 20 Jahre ist durch bestimmte Kapitalströme gekennzeichnet. Im Kern haben die asiatischen Länder (vor allem China) ihre Leistungsbilanzüberschüsse in auf US-Dollar lautende Devisenreserven umgewandelt, um ihre heimischen Währungen zu schwächen und auf diese Weise ihr exportorientiertes Wirtschaftsmodell zu stützen. Zwischen 2000 und 2022 haben sich die weltweiten Währungsreserven versiebenfacht, wobei China etwas mehr
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The publisher indicated in each case (see company info by clicking on image/title or company info in the right-hand column) is solely responsible for the stories above, the event or job offer shown and for the image and audio material displayed. As a rule, the publisher is also the author of the texts and the attached image, audio and information material. The use of information published here is generally free of charge for personal information and editorial processing. Please clarify any copyright issues with the stated publisher before further use. In case of publication, please send a specimen copy to service@pressebox.de.