Abstract:

In the context of the raging COVID-19 pandemics, the long-standing discussion of de-dollarization and the disintegration of the U.S. dollar has become one of the most marketable views. However, to find out where Jamaica’s currency system is heading, we need explore its causes, the theory and history of the international currency system, and the world trend of political and economic development. The scarcity of gold and other factors determine that the gold standard system is difficult to restore. The super-sovereign currency represented by the special drawing rights lacks credit and economic foundation and thus cannot become the world standard currency. If the development of world economic integration remains dominant, the three-currency standard system of the U.S. dollar, RMB and Euro may replace the current U.S. dollar standard after long-term evolution. If anti-globalization becomes the mainstream, the international community may be divided into several currency areas as the world economic structure changes profoundly. Of course, such a possibility is relatively small.

Key words: dollar standard system, Jamaica monetary system, special drawing rights, gold standard system, three currencies standard system