Episode 316: The Rise of Parallel Financial Systems: Digital Currencies, Sanctions Evasion, and Geoeconomic Influence with Dr Dan McDowell

ByKaterina Mazzucchelli

This episode with Dr Daniel McDowell examines how digital currencies, financial sanctions, and geopolitical competition are shaping the future of the global monetary system. We explore why the US dollar continues to dominate global finance despite political pressure and technological change, how sanctions influence state behaviour, and why network effects make rapid currency shifts unlikely. The discussion also…

The Dollar, Sanctions, and the Limits of Monetary Power

The Dollar, Sanctions, and the Limits of Monetary Power

ByKaterina Mazzucchelli

The US dollar remains the central pillar of the global financial system. It dominates cross-border payments, underpins trade invoicing, and accounts for the majority of official foreign exchange reserves. Yet in recent years, debates about the durability of dollar dominance have intensified, driven by the expanded use of financial sanctions, the emergence of digital currencies,…

Dr Daniel McDowell

Dr Daniel McDowell

ByKaterina Mazzucchelli

Daniel McDowell is Maxwell Advisory Board Professor of International Affairs at the Maxwell School of Citizenship and Public Affairs at Syracuse University and a Nonresident Senior Fellow at the Atlantic Council’s GeoEconomics Center. He is a former Wilson Center China Fellow. As a scholar, McDowell specializes in the study of financial sanctions, the dynamics of…