Towards the recalibration of the US dollar’s international dominance

Jamilu Iliyasu, Suleiman O. Mamman, Attahir B. Abubakar*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

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Purpose: The impact of United States (US) financial sanctions on the international dominance
of the US dollar is examined.

Design/methodology/approach: The survival analysis technique, which incorporates survival
and hazard probabilities to determine the probability of central banks' reserve recalibration, is
adopted for analysis.

Findings: The result shows that the probability of central banks recalibrating the dollar share
of their official reserve currencies would increase by 60% for every ten (10) additional financial
sanctions by the United States. This could imply that more sanctions might have unintended
consequences on the international reserve currency dominance of the US dollar.

Originality: To the best of our knowledge, this study may be a novel attempt to use survival
analysis to examine the impact of financial sanctions on the US dollar’s international reserve
currency dominance.
Original languageEnglish
JournalJournal of Financial Economic Policy
Publication statusAccepted/In press - 4 Apr 2024


  • US dollar
  • financial sanctions
  • central banks
  • foreign exchange reserves
  • survival analysis


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