期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：Conventional wisdom has it that network effects are strong in markets forhomogenous goods, leading to the dominance of one settlement currencyin such markets. The alleged dominance of the dollar in global oilmarkets is said to epitomize this phenomenon. We question thispresumption with evidence for earlier periods showing that severalnational currencies have simultaneously played substantial roles in globaloil markets. European oil import payments before and after World War IIwere split between the dollar and non-dollar currencies, mainly sterling.Differences in use of the dollar across countries were associated withtrade linkages with the United States and the size of the importingcountry. That several national currencies could simultaneously play a rolein international oil settlements suggests that a shift from the currentdollar-based system toward a multipolar system in the period ahead is notimpossible
关键词：network effects; homogeneous goods; international;invoicing currency; oil markets; US dollar role
