title: Financial Sanctions and the US-Dollar
abstract: The paper discusses whether US dollar based financial sanctions will undermine the dollar’s dominant international role. Despite long-standing attempts to reduce the role of the dollar, these have had limited success so far. I discuss why this is the case and why alternatives to the dollar are unlikely to challenge its position at present. However, a fractionalization of the global financial system may happen in the longer run. An important step to avoid such a fractionalization will be to make 
journal: Vierteljahreshefte zur Arbeits- und Wirtschaftsforschung