Research On International Coinage Of US Dollar

International seigniorage is the net earnings obtained from foreigners by a country’s monetary authority with its issuance privilege. Since 1940 s,taking the formation of Bretton Woods system as a starting point, the United States promoted the establishment of a dollar-centric world monetary system and became the largest international seigniorage taxing country. The dollar is still the most extensively used international currency at present. The U.S. has been always levying international seigniorage on other countries by this tool. However, there are no clear answers to these questions such as how much the international seigniorage has been attained by America, how the taxation differs in different periods, and what the impact on other countries is.In order to solve the above problems, a research system of international seigniorage is built firstly in this paper, followed by an exploration from a historical perspective of the formation, development and current situation of dollar international seigniorage. Then, a further analysis of the influence it brings to taxing and taxed counties respectively is given. After that, some enlightenment is got about the dollar seigniorage problem in China.According to this thread, this article is divided into seven parts. The first part is introduction, which introduces research background, study significance, paper structure, main innovations and imperfections. The second part is literature review, which rejiggers and comments on domestic and foreign literature divided into seigniorage level,international seigniorage level and dollar international seigniorage level.The third part is the definition of international seigniorage, which divides international seigniorage into three levels as narrow, general and broad seigniorage, from two angles as resource occupation and resource utilization, and designs their discussion framework and calculation method. The fourth part is the evolution of dollar international seigniorage, which discusses the changes of dollar international seigniorage under the Bretton woods system and Jamaica system,combining with the changes in the international monetary system and the U.S. dollar power. The fifth part is the influence of dollar international seigniorage, which discusses the influence the dollar international seigniorage has on taxing and taxed countries and analyses, exposing the unfairness of dollar international seigniorage. The sixth part is the enlightenment to our country. Concerning the dollar seigniorage research and China’s seigniorage problem, we proposed some suggestions. The seventh part is conclusion.According to the research, conclusions in four aspects are drawn.Firstly, the international seigniorage can be divided into narrow, general and broad international seigniorage. Secondly, dollar international seigniorage is distinctly influenced by the international monetary system and the dollar power. Whether narrow, general or broad international seigniorage obtained by the United States under the Jamaica system is significantly greater than that under the Bretton Woods system. Thirdly,dollar international seigniorage brings not only benefits to the United States but also negative effects to the taxed countries’ economic development. Fourthly, to solve China’s current international seigniorage problem, China should control in China’s dollar seigniorage expenditure through controlling the scale of foreign exchange reserves and strengthening the administration of foreign exchange assets, and increase RMB international seigniorage revenue through continuing to promote the internationalization level of RMB.The innovation of this paper mainly exists in the following two aspects. First is the establishment of a research system of international seigniorage. It divides international seigniorage into three levels including narrow, general and broad seigniorage, and designs calculation method in different levels and different diameters. Second is the application of this system to the dollar research. This paper explores the evolution of dollar seigniorage in three levels under Bretton woods system and Jamaica system.