Download or read book The Future of the Dollar and the World Reserve System written by James Morrell and published by . This book was released on 1981 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Global Currency Power of the US Dollar written by Anthony Elson and published by Springer Nature. This book was released on 2021-09-15 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Download or read book The Future of the Dollar written by Eric Helleiner and published by Cornell University Press. This book was released on 2012-09-15 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Uncomfortable Convenience The Future of the Dollar in the International Monetary System written by Clinton Thompson and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This research paper focuses on the future of the United States dollar as the world’s main reserve currency. Since the end of World War II, the international monetary system has undoubtedly been a dollar-based system, this despite the closing of the gold window in 1971 and rising U.S. debt since then. This paper aims to answer the questions of how reserve currency status gives a state power, why the dollar has remained the anchor of the world’s monetary system, the threat to the dollar’s status posed by rising U.S. debt, and possible alternatives to the dollar. A case study of the British pound is conducted in order to more closely examine the privilege given to a reserve currency issuer and how lessons from the rise and fall of the pound’s global status can be applied to the U.S.’s situation. Special drawing rights, the euro, and the Chinese renminbi are explored as possible future reserve currencies, with emphasis on the renminbi as the most serious challenger to the dollar. Finally, this paper looks at how greater diversification of global currency reserves may affect U.S. policymaking, and a 5-point prescription is offered in conclusion.
Download or read book Exorbitant Privilege written by Barry Eichengreen and published by Oxford University Press. This book was released on 2011-01-07 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is, as a critic of U.S.
Download or read book The Dollar Trap written by Eswar S. Prasad and published by Princeton University Press. This book was released on 2015-08-25 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book How Global Currencies Work written by Barry Eichengreen and published by Princeton University Press. This book was released on 2019-02-26 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Financial Crisis and the Future of the US Dollar as the Global Reserve Currency written by Eswar S. Prasad and published by Emirates Center for Strategic Studies and Research. This book was released on 2010-01-18 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: In early 2009, the world economy seemed to be headed toward irreversible decline. However, it appears that a strong dose of stimulative monetary and fiscal policy has succeeded in stabilizing the financial system and setting the stage for global recovery. But while the overall sense of doom has been replaced by one of hope, the recovery has been highly uneven. The US economy, which was at the epicenter of the crisis, still faces a long hard slog in returning to sustained growth and lower unemployment, and the continental European economies have bounced back but are unlikely to record high growth. Emerging markets are another story altogether, with China and India in particular returning to remarkably high growth since the end of 2008. The deep irony is that this pattern of recovery is setting the stage for a resurgence of the very same global macroeconomic imbalances which contributed to the onset of the crisis in the first place. While the root causes of the financial crisis lie in weak regulatory systems and failures, global imbalances permitted the problems to fester and then blow up in our faces. The dollar’s role in the global reserve pool clearly has major implications for its long-term value. Reserve accumulation by countries in the Middle East depends to a large extent on the price of oil. The other region that is likely to play a crucial role is Asia. China and other Asian emerging markets have played a dominant role in the expansion of the global reserve pool over the last decade. Restoring and maintaining global financial stability will require decisive policy actions from a number of different actors. The United States needs to get its fiscal house in order. It is premature for the United States to pull back fiscal stimuli, but a well-articulated plan that lays out a path for restoring fiscal stability is essential. Meanwhile, the G20 has taken impressive steps to coordinate global stimulus efforts, make progress on financial regulatory reform, and increase the stability of the global financial system. Ultimately, substantive actions by national governments, rather than just lofty sentiments, are needed to deal with the difficult challenges identified under this framework.
Download or read book The Uncertain Future of the US Dollar as the Global Reserve Currency written by Laurie Thomas Vass and published by . This book was released on 2013 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: Oil payments made to OPEC in US dollar constitute a dual financial relationship. In other words, the oil acts like collateral value for the dollar, while the strength of the US economy acts like collateral value for OPEC countries.In other words, the favored position of the US dollar acting as the global reserve currency was contingent on two initial assumptions made by all other central bankers that the US economy would continue to grow and that the US Federal Reserve System would be circumspect in printing dollars.As long as the US economy had a high rate of growth, OPEC countries had confidence that the US dollar would remain stable in value long enough for the OPEC countries to engage in future transactions using their dollar reserves. And, as long as the US dollar was used for oil payments, the US dollar had the equivalent value of a barrel of oil. Similar in history, but not exactly like, when the dollar value was tied to the value of an ounce of gold.The world's major central banks are fully aware that in order for the US dollar to remain as the global reserve currency in the international monetary system that the rate of US money creation in the US must be linked to the rate of economic growth in the US.
Download or read book The Future Global Reserve System written by Jeffrey D. Sachs and published by Asian Development Bank. This book was released on 2010-06-01 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication is a collection of studies that discuss critical issues related to the future of the international monetary system and the role of Asia in its evolution. It is envisaged to enhance the awareness of Asian policy makers and the public in order to participate actively and constructively in the emerging global dialogue on reforming the global reserve system.
Download or read book Currencies After the Crash The Uncertain Future of the Global Paper Based Currency System written by Sara Eisen and published by McGraw Hill Professional. This book was released on 2012-10-26 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the brightest minds in the field—a revealing look at how countries use their currencies to achieve prosperity . . . and the coming repercussions Bloomberg Television's Sara Eisen sheds light on the complex global financial system through this illuminating collection of essays. She hand selected the crème de la crème of authors from the world's most prestigious academic institutions and esteemed professional organizations to share—for the first time in print—their observations and deductions on the topics that matter most to you and your future wealth, including: • THE RELATIONSHIP BETWEEN CURRENCIES AND FINANCIAL CRISES • THE FLAWS WITHIN THE INTERNATIONAL EXCHANGE RATE SYSTEM AND THEIR CONSEQUENCES • HOW EMERGING MARKETS FIT INTO THE CURRENT AND FUTURE EXCHANGE RATE FRAMEWORK • THE IMPACT EXCHANGE RATES HAVE ON FREE TRADE AND ECONOMIC GROWTH • WHAT DEFINES A "SAFE HAVEN" CURRENCY AND ITS ROLE • POTENTIAL SOLUTIONS TO THE CURRENT ECONOMIC PROBLEMS "Today's fiat currency system is based upon trust among market participants, politicians, and central bankers--and that trust is assembled around the reserve currency that enjoys an exorbitant privilege. The reserve status is in doubt in a post financial crisis era but alternatives are lacking. . . . This book is a great guide on how the global currency system is morphing into apotential new standard, but not without the necessary volatility."—Ben Emons, Senior Vice President, Portfolio Manager, PIMCO
Download or read book The Future of Money written by Eswar S. Prasad and published by Harvard University Press. This book was released on 2021-09-28 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: A cutting-edge look at how accelerating financial change, from the end of cash to the rise of cryptocurrencies, will transform economies for better and worse. We think weÕve seen financial innovation. We bank from laptops and buy coffee with the wave of a phone. But these are minor miracles compared with the dizzying experiments now underway around the globe, as businesses and governments alike embrace the possibilities of new financial technologies. As Eswar Prasad explains, the world of finance is at the threshold of major disruption that will affect corporations, bankers, states, and indeed all of us. The transformation of money will fundamentally rewrite how ordinary people live. Above all, Prasad foresees the end of physical cash. The driving force wonÕt be phones or credit cards but rather central banks, spurred by the emergence of cryptocurrencies to develop their own, more stable digital currencies. Meanwhile, cryptocurrencies themselves will evolve unpredictably as global corporations like Facebook and Amazon join the game. The changes will be accompanied by snowballing innovations that are reshaping finance and have already begun to revolutionize how we invest, trade, insure, and manage risk. Prasad shows how these and other changes will redefine the very concept of money, unbundling its traditional functions as a unit of account, medium of exchange, and store of value. The promise lies in greater efficiency and flexibility, increased sensitivity to the needs of diverse consumers, and improved market access for the unbanked. The risk is instability, lack of accountability, and erosion of privacy. A lucid, visionary work, The Future of Money shows how to maximize the best and guard against the worst of what is to come.
Download or read book On the SDR written by Barry Julian EICHENGREEN and published by . This book was released on 1996 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Past and Future of International Monetary System written by Jingyi Wang and published by Springer. This book was released on 2015-11-30 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines essential problems in the current International Monetary System, especially those concerning the International Standard. To do so, it focuses on the different monetary systems of today’s major currencies – the US dollar, the euro and the CNY, as well as the performance of the standards used in the international monetary system, i.e., the SDRs. In addition, it projects the potential consequences of including the Chinese CNY in the current SDR system, thus proposing a reform of the SDRs. The analytical research is mainly based on a performance comparison of the major international standards in the current international monetary system. divThe author illustrates that the political/policy reactions and economic philosophies underlying each monetary system constitute not only reasonable responses to the current international monetary system, but also fundamental factors in decisions concerning changes to or reforms of the international monetary system.div>
Download or read book The Dollar and World Liquidity written by Robert V. Roosa and published by New York : Random House. This book was released on 1967 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Dollar s Future as the World s Reserve Currency written by Craig Kent Elwell and published by . This book was released on 2007 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Future Of The Dollar written by Benjamin J Cohen and published by ICFAI Books. This book was released on 2006-03-28 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the future of the U.S. dollar as an international currency? The essays collected in this volume comment on critical issues that will influence the outlook for America s greenback. The first two chapters address the emergence of the euro as a pot
