Eine Welt mit mehreren Reservewährungen

BERKELEY: Der Wettbewerb um den Status als Reservewährung wird traditionell als Spiel dargestellt, bei dem es nur einen Sieger geben kann. Laut dieser Sichtweise ist auf der Welt nur für eine vollwertige internationale Währung Platz. Die einzige Frage wäre also, welche nationale Währung die Rolle erobert.

Die Marktlogik, so wird argumentiert, diktiere diese Ergebnis. Indem sie ihre Preise in derselben Währung – etwa dem Dollar – angäben wie ihre Wettbewerber, vermieden es Importeure und Exporteure, ihre Kunden zu verwirren. Die Notenbanken würden, indem sie ihre Reserven in derselben Währung hielten wie andere Notenbanken, den liquidesten Anlagewert halten. Da alle anderen Dollars kaufen, verkaufen und halten, böte es sich an, dasselbe zu tun, da die Märkte für in Dollar notierte Vermögenswerte am tiefsten seien.

Während es immer möglich sei, dass an irgendeinem Wendepunkt plötzlich alle von einer Währung auf eine andere umschwenken, böte die netzwerkbasierte Beschaffenheit des internationalen Währungssystems nur für eine wirklich internationale Währung Raum.

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