# Prof. Kim Schoenholtz's research on the global impact of the US dollar

1 September 29, 2014 Financial Times ![Financial Times logo](/sites/default/files/styles/246w/public/assets/images/uat_025699.jpg?itok=5SpaxEbn)>

Excerpt from [Financial Times](http://ftalphaville.ft.com/2014/09/29/1986082/it-all-makes-sense-when-you-realise-there-are-two-us-dollar-markets/) -- "That significant parts of the global financial system are running on dollars is no surprise. We discussed some of the basics – the fact that the dollar accounts for 80% of trade finance and 87% of foreign currency market transactions – in an earlier post on the reserve currencies. But there is more, much more. The fact of the matter is that there is a parallel dollar-based financial system – call it the 'Global Dollar system' – that operates outside the United States."

[Read more](http://ftalphaville.ft.com/2014/09/29/1986082/it-all-makes-sense-when-you-realise-there-are-two-us-dollar-markets/)## More Research by Kim Schoenholtz

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