The Role Of The Dollar As An International Currency
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The Role Of The Dollar As An International Currency
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Author : Peter B. Kenen
language : en
Publisher:
Release Date : 1983
The Role Of The Dollar As An International Currency written by Peter B. Kenen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Dollar, American categories.
The Future Of The Dollar
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Author : Eric Helleiner
language : en
Publisher: Cornell University Press
Release Date : 2012-09-15
The Future Of The Dollar written by Eric Helleiner and has been published by Cornell University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-09-15 with Business & Economics categories.
For half a century, the United States has garnered substantial political and economic benefits as a result of the dollar's de facto role as a global currency. In recent years, however, the dollar's preponderant position in world markets has come under challenge. The dollar has been more volatile than ever against foreign currencies, and various nations have switched to non-dollar instruments in their transactions. China and the Arab Gulf states continue to hold massive amounts of U.S. government obligations, in effect subsidizing U.S. current account deficits, and those holdings are a point of potential vulnerability for American policy. What is the future of the U.S. dollar as an international currency? Will predictions of its demise end up just as inaccurate as those that have accompanied major international financial crises since the early 1970s? Analysts disagree, often profoundly, in their answers to these questions. In The Future of the Dollar, leading scholars of dollar's international role bring multidisciplinary perspectives and a range of contrasting predictions to the question of the dollar's future. This timely book provides readers with a clear sense of why such disagreements exist and it outlines a variety of future scenarios and the possible political implications for the United States and the world.
Dilemmas Of The Dollar
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Author : C. Fred Bergsten
language : en
Publisher: Routledge
Release Date : 2017-07-28
Dilemmas Of The Dollar written by C. Fred Bergsten and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-28 with Business & Economics categories.
An examination of the role of the dollar in the global financial system which presents a long-term historical perspective on the international monetary system in this century. The main focus is on the evaluation of the global financial system in the post-war period.
Dilemmas Of The Dollar
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Author : C. Fred Bergsten
language : en
Publisher: M.E. Sharpe
Release Date : 1996
Dilemmas Of The Dollar written by C. Fred Bergsten and has been published by M.E. Sharpe this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
An examination of the role of the dollar in the global financial system which presents a long-term historical perspective on the international monetary system in this century. The main focus is on the evaluation of the global financial system in the post-war period.
How Global Currencies Work
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Author : Barry Eichengreen
language : en
Publisher: Princeton University Press
Release Date : 2019-02-26
How Global Currencies Work written by Barry Eichengreen and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-26 with Business & Economics categories.
A powerful new understanding of global currency trends, including the rise of the Chinese yuan At first glance, the history of the modern global economy seems to support the long-held view that the currency of the world’s leading power invariably dominates international trade and finance. But in How Global Currencies Work, three noted economists overturn this conventional wisdom. Offering a new history of global finance over the past two centuries and marshaling extensive new data to test current theories of how global currencies work, the authors show that several national monies can share international currency status—and that their importance can change rapidly. They demonstrate how changes in technology and international trade and finance have reshaped the landscape of international currencies so that several international financial standards can coexist. In fact, they show that multiple international and reserve currencies have coexisted in the past—upending the traditional view of the British pound’s dominance before 1945 and the U.S. dollar’s postwar dominance. Looking forward, the book tackles the implications of this new framework for major questions facing the future of the international monetary system, including how increased currency competition might affect global financial stability.
The Global Currency Power Of The Us Dollar
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Author : Anthony Elson
language : en
Publisher: Springer Nature
Release Date : 2021-09-15
The Global Currency Power Of The Us Dollar written by Anthony Elson and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-15 with Business & Economics categories.
This book explains how the US dollar serves as the primary reserve currency for the international financial system and assesses its prospects for the future. The book provides an analysis of the main factors that have given rise to the global currency power of the dollar and the key benefits that have accrued to both the United States and other countries from this arrangement. It then considers the growing costs that can be associated with the dollar-centered reserve system and the prospects for the medium-term in terms of its potential threats to global financial stability. In the light of these considerations, the book examines three alternative currency arrangements that could address some or all of the defects associated with the global currency power of the dollar. These include a shift to a multi-reserve currency system, an enhancement of the IMF’s role as an international lender of last resort and provider of global “safe” assets, and the introduction of central bank digital currencies. "A cogent, persuasive and timely look at the dollar's power." Kirkus Reviews
The International Role Of The Dollar And Trade Balance Adjustment
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Author : Linda S. Goldberg
language : en
Publisher:
Release Date : 2006
The International Role Of The Dollar And Trade Balance Adjustment written by Linda S. Goldberg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
The pattern of international trade adjustment is affected by the continuing international role of the dollar and related evidence on exchange rate pass-through into prices. This paper argues that a depreciation of the dollar would have asymmetric effects on flows between the United States and its trading partners. With low exchange rate pass-through to U.S. import prices and high exchange rate pass-through to the local prices of countries consuming U.S. exports, the effect of dollar depreciation on real trade flows is dominated by an adjustment in U.S. export quantities, which increase as U.S. goods become cheaper in the rest of the world. Real U.S. imports are affected less because U.S. prices are more insulated from exchange rate movements -- pass-through is low and dollar invoicing is high. In relation to prices, the effects on the U.S. terms of trade are limited: U.S. exporters earn the same amount of dollars for each unit shipped abroad, and U.S. consumers do not encounter more expensive imports. Movements in dollar exchange rates also affect the international trade transactions of countries invoicing some of their trade in dollars, even when these countries are not transacting directly with the United States.
Exorbitant Privilege
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Author : Barry Eichengreen
language : en
Publisher: Oxford University Press
Release Date : 2011-01-07
Exorbitant Privilege written by Barry Eichengreen and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-07 with Business & Economics categories.
It is, as a critic of U.S.
The Dollar Trap
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Author : Eswar S. Prasad
language : en
Publisher: Princeton University Press
Release Date : 2015-08-25
The Dollar Trap written by Eswar S. Prasad and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-08-25 with Business & Economics categories.
Why the dollar is—and will remain—the dominant global currency The U.S. dollar's dominance seems under threat. The near collapse of the U.S. financial system in 2008–2009, political paralysis that has blocked effective policymaking, and emerging competitors such as the Chinese renminbi have heightened speculation about the dollar’s looming displacement as the main reserve currency. Yet, as The Dollar Trap powerfully argues, the financial crisis, a dysfunctional international monetary system, and U.S. policies have paradoxically strengthened the dollar’s importance. Eswar Prasad examines how the dollar came to have a central role in the world economy and demonstrates that it will remain the cornerstone of global finance for the foreseeable future. Marshaling a range of arguments and data, and drawing on the latest research, Prasad shows why it will be difficult to dislodge the dollar-centric system. With vast amounts of foreign financial capital locked up in dollar assets, including U.S. government securities, other countries now have a strong incentive to prevent a dollar crash. Prasad takes the reader through key contemporary issues in international finance—including the growing economic influence of emerging markets, the currency wars, the complexities of the China-U.S. relationship, and the role of institutions like the International Monetary Fund—and offers new ideas for fixing the flawed monetary system. Readers are also given a rare look into some of the intrigue and backdoor scheming in the corridors of international finance. The Dollar Trap offers a panoramic analysis of the fragile state of global finance and makes a compelling case that, despite all its flaws, the dollar will remain the ultimate safe-haven currency.
International Currencies Past Present And Future
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Author : Barry Eichengreen
language : en
Publisher:
Release Date : 2017-03-15
International Currencies Past Present And Future written by Barry Eichengreen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-15 with categories.
Conventional economic wisdom has long held that the world's dominant economic power tends to possess the world's dominant currency, and that the dominance of that currency can continue even after other, more dynamic economics powers surpass the issuer of it. The paradigmatic example is GreatBritain, which had the world's biggest economy and the dominant currency in the nineteenth century. Yet even as it faded relative to the US and Germany, the pound sterling remained the world's reserve currency well into the twentieth century. Only massive systemic shocks like the Great Depressionand World War Two could knock the pound from its perch. The story of the US economy and the dollar after the war is a similar one, and many expect that the dollar will eventually lose its pre-eminence to Chinese the renminbi at some point after the Chinese economy surpasses the US economy in size. China is certainly a clear rival to the US, but as Barry Eichengreen, Marc Flandreau, Arnaud Mehl and Livia Chitu argue, economics is not a zero-sum game. In International Currencies, Past, Present, and Future, they draw from innovative data sets to argue that several national currencies can play animportant role in the global economy all at once. Rather than focusing on how one currency dominates, then, we should look at currency systems as networks. While there may be a clear leader, that does not meant that other major currencies cannot serve as international reserve hedges. Indeed, even inthe late twentieth century, when US power was at a geopolitical apex, roughly 40 percent of global foreign exchange reserves were not in dollar form. The late nineteenth and early twentieth centuries were similarly multipolar with regard to foreign exchange reserve holdings, with the mark, thefranc, and the dollar all playing important roles in a system in which the pound led. If past is prologue, we can look forward to a multipolar system in which the dollar and euro will continue to be important international currencies even if the renminbi surpasses the dollar - and the jury is out onthat. Deeply informed by history, this powerfully revisionist account of how the international monetary system operates will not only transform our understanding of the past, but also force us to reconsider our expectations of how the system will evolve in future decades.