@article{Rogoff2026, 
author = {Kenneth Rogoff},
title = {The Declining International Status of the US Dollar Brews Major Global Risks: An Analysis from the Perspective of Government and Economics},
year = {2026},
journal = {Research in Government and Economics},
volume = {2},
number = {1},
pages = {17-33},
keywords = {international currency, global economy, RMB internationalization},
url = {https://www.sciopen.com/article/10.26599/RGE.2026.9720102},
doi = {10.26599/RGE.2026.9720102},
abstract = {The global financial system is currently at a critical turning point, with profound adjustments in the global economic landscape and major transformations in the international monetary system. Based on the analysis of the historical evolution of the U. S. dollar's international status, the U. S. debt resolution approaches, central bank independence, financial regulation, and RMB internationalization, this study indicates that although the U. S. dollar remains dominant, its influence is gradually weakening, and the international monetary system is evolving toward multi-polarity. The current use of RMB in international trade and finance is expanding but still limited, and greater exchange rate flexibility will help enhance its global usage and reshape the global monetary landscape. As the era of low interest rates comes to an end, U. S. debt pressures have become prominent. Meanwhile, domestic political interference in the U. S. continues to erode the Federal Reserve's independence and effectiveness in maintaining price stability. Coupled with geopolitical instability, this may generate systemic risks with global spillover impacts, evolving into a major crisis and challenge confronting the global economy and financial system. In this context, it is necessary to further strengthen the government's role in macroeconomic regulation, continue to promote the reform of the global financial governance system, carry out more targeted policy design, and make more forward-looking preparations for risk response.}
}