Abstract
The participation of the United States in the First and the Second World War, as well as in the Vietnam War led to an increase in expenditures for the US national defense and the need to finance such expenditures from the primary emission. This further led to the rising inflation and the falling value of the dollar. Since today the US dollar holds a leading position in the world's foreign exchange reserves, its decline would have an effect on reduction of the foreign exchange reserves value.
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