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Back to BasicsState Power in a Contemporary World$
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Martha Finnemore and Judith Goldstein

Print publication date: 2013

Print ISBN-13: 9780199970087

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199970087.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 06 March 2021

Currency and State Power

Currency and State Power

(p.159) 8 Currency and State Power
Back to Basics

Benjamin J. Cohen

Oxford University Press

This chapter examines the effect of an international currency on state power. Emphasis is placed on disaggregating the concept of currency internationalization into the separate roles that an international money may play. Analysis then focuses on three specific questions: What is the effect on state power of each specific role, considered on its own? Are there interdependencies among the various roles? And what are their relative or cumulative impacts? In the end, three roles appear to be of paramount importance: a money’s role in financial markets, trade, and central-bank reserves. Other roles have little or no effect on the distribution of state power.

Keywords:   state power, monetary policy, currency policy, financial markets, central banks, trade, reserve currency

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