If a currency is mostly used locally, the effects of printing it can't be diluted away and are locally concentrated. If the currency is global, the issuer can j

If a currency is mostly used locally, the effects of printing it can't be diluted away and are locally concentrated. If the currency is global, the issuer can just print it, reap the benefits, and let others soak most of the damage. For example, say Argentine prints lots of Pesos. They don't circulate a lot outside the country itself, so it's mostly cash in argentinians hands that devaluate. Now, say US prints lots of Dollars. Many countries have large dollar reserves, so those are screwed by devaluation, as they soak the brunt of the burden that would be from US citizens alone, if the dollar were just another local currency.