Hegemonia do dólar: uma jornada pelos ciclos de reciclagem de petrodólares.

Abstract

This work focuses on the phenomenon of the international oil trade in dollars, exploring its historical origins and the underlying theoretical foundations of monetary hegemony that

influence the reinvestment of crude oil export revenues denominated in dollars. The post- Bretton Woods period is examined meticulously, signaling the closure of the post-World War

II monetary system, while the agreements of 1973-76 outline impactful changes in the global economic order. The literature review extends to the role of the United States in post-1973 negotiations with Saudi Arabia, highlighting the significance of these agreements in the accumulation of dollar surpluses. Additionally, the Accumulation Cycles of Petrodollars in OPEC and GCC are explored, emphasizing the First Cycle (1973-1980), the Second Cycle (2000-2014), and the contemporary Third Cycle, revealing nuances of the deepening financialization of markets. It is noteworthy that the Third Cycle stands out for a more diversified approach in surplus allocation, with sovereign wealth funds, such as the Saudi PIF, adopting agile and "hyper-financialized" strategies. The research provides a concrete analysis of the financial architecture and economic strategies of oil-producing countries, contextualizing the historical evolution of recycling mechanisms. Furthermore, it highlights these countries' adaptation to bolder approaches to optimize returns on investment, influenced by changes in global financial paradigms and technological advances. The dissertation underscores the complex interaction between economic policies, reserve management, and the application of oil revenues by Sovereign Wealth Funds, revealing their political influence and impact on the global economy. The conclusion emphasizes the crucial relevance of the study by focusing on political interests in oil market decisions, essential to understanding the maintenance of the dollar's hegemony in the post-Bretton Woods era.