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 The Future of the Dollar written by Eric Helleiner and published by Cornell University Press. This book was released on 2012-08-17 with total page 272 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 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
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 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: For more than half a century, the U.S. dollar has been not just America's currency but the world's. It is used globally by importers, exporters, investors, governments and central banks alike. Nearly three-quarters of all $100 bills circulate outside the United States. The dollar holdings of the Chinese government alone come to more than $1,000 per Chinese resident. This dependence on dollars, by banks, corporations and governments around the world, is a source of strength for the United States. It is, as a critic of U.S. policies once put it, America's "exorbitant privilege." However, recent events have raised concerns that this soon may be a privilege lost. Among these have been the effects of the financial crisis and the Great Recession: high unemployment, record federal deficits, and financial distress. In addition there is the rise of challengers like the euro and China's renminbi. Some say that the dollar may soon cease to be the world's standard currency--which would depress American living standards and weaken the country's international influence. In Exorbitant Privilege, one of our foremost economists, Barry Eichengreen, traces the rise of the dollar to international prominence over the course of the 20th century. He shows how the greenback dominated internationally in the second half of the century for the same reasons--and in the same way--that the United States dominated the global economy. But now, with the rise of China, India, Brazil and other emerging economies, America no longer towers over the global economy. It follows, Eichengreen argues, that the dollar will not be as dominant. But this does not mean that the coming changes will necessarily be sudden and dire--or that the dollar is doomed to lose its international status. Challenging the presumption that there is room for only one true global currency--either the dollar or something else--Eichengreen shows that several currencies have shared this international role over long periods. What was true in the distant past will be true, once again, in the not-too-distant future. The dollar will lose its international currency status, Eichengreen warns, only if the United States repeats the mistakes that led to the financial crisis and only if it fails to put its fiscal and financial house in order. The greenback's fate hinges, in other words, not on the actions of the Chinese government but on economic policy decisions here in the United States. Incisive, challenging and iconoclastic, Exorbitant Privilege, which was shortlisted for the FT Goldman Sachs 2011 Best Business Book of the Year, is a fascinating analysis of the changes that lie ahead. It is a challenge, equally, to those who warn that the dollar is doomed and to those who regard its continuing dominance as inevitable.
Download or read book Gold and the Dollar Crisis written by Robert Triffin and published by . This book was released on 1966 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dilemmas of the Dollar written by C. Fred Bergsten and published by M.E. Sharpe. This book was released on 1996 with total page 620 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Death of Money written by James Rickards and published by Penguin. This book was released on 2017-04-04 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: The next financial collapse will resemble nothing in history. . . . Deciding upon the best course to follow will require comprehending a minefield of risks, while poised at a crossroads, pondering the death of the dollar. The U.S. dollar has been the global reserve currency since the end of World War II. If the dollar fails, the entire international monetary system will fail with it. But optimists have always said, in essence, that confidence in the dollar will never truly be shaken, no matter how high our national debt or how dysfunctional our government. In the last few years, however, the risks have become too big to ignore. While Washington is gridlocked, our biggest rivals—China, Russia, and the oil-producing nations of the Middle East—are doing everything possible to end U.S. monetary hegemony. The potential results: Financial warfare. Deflation. Hyperinflation. Market collapse. Chaos. James Rickards, the acclaimed author of Currency Wars, shows why money itself is now at risk and what we can all do to protect ourselves. He explains the power of converting unreliable investments into real wealth: gold, land, fine art, and other long-term stores of value.
Download or read book The Future of the Dollar written by International Reports (Firm) and published by New York : Drake Publishers. This book was released on 1973 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Future of the Dollar written by Guenter Reimann and published by . This book was released on 1971 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Future of the Dollar as an International Currency written by Robert Z. Aliber and published by New York : Praeger. This book was released on 1966 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Dilemmas of the Dollar written by C. Fred Bergsten and published by New York : Published for the Council on Foreign Relations by New York University Press. This book was released on 1975-01-01 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 439 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 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 Dilemmas of the Dollar written by Fred Bergsten and published by . This book was released on 1975-06-01 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Dollar and National Security written by Paul Viotti and published by Stanford University Press. This book was released on 2014-07-23 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: Defense establishments and the armed forces they organize, train, equip, and deploy depend upon the security of capital and capital flows, mechanisms that have become increasingly globalized. Military capabilities are thus closely tied not only to the size of the economic base from which they are drawn, but also to the viability of global convertibility and exchange arrangements. Although the general public has a stake in these economic matters, the interests and interpretive understandings held by policy elites matter most—in particular those among the owners or managers of capital who focus on international finance and the international monetary regimes that sustain global commerce and their capital positions. In The Dollar and National Security, Paul Viotti explores the links between global capital flows, these policy elites, and national security. After establishing the historical link between currency, gold, and security, he continues the monetary-security story by examining the instrumental role the dollar has played in American economic and national security over the past seven decades. He reveals how perceived individual and collective interests are the key drivers toward building the kind of durable consensus necessary to sustain the external financing of American foreign and national security policy, and addresses the future implications for national security as decision-makers in the BRICs and other countries position themselves to assume an even larger policy presence in global commercial, monetary, and security matters.
Download or read book The Future of the Dollar written by Guenter Reimann and published by . This book was released on 1968 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dollar Hegemony written by Esteban Pérez Caldentey and published by Edward Elgar Publishing. This book was released on 2024-01-28 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dollar hegemony is a defining structural feature of the modern international financial order, and it confers significant economic and political privileges on the US. This book explores the political economic foundations of and prospects for dollar hegemony. The dollar's hegemony rests on the economic, military, and international political power of the US. There have been two eras of dollar hegemony which were characterized by different models. Dollar hegemony 1.0 corresponded to the Bretton Woods era (1946-1971). Dollar hegemony 2.0 corresponds to the Neoliberal era (1980-Today). The deep foundation of both models is US power, but the two models have different economic operating systems. The articles in this book explore this and consider two further questions: what is the future of dollar hegemony? And: is there a better way of organizing the world monetary order? There has been considerable speculation of a drift to currency multipolarity but, so far, there is little evidence of that. The Chinese renminbi might join or displace the dollar as the world's hegemonic currency, but that will require China making significant changes to its financial markets and monetary policy. Dollar hegemony imposes significant costs on developing and emerging market economies, but the international political economy of systemic reform is fraught, making reform unlikely. Economists, researchers, policymakers, and students will find this volume an enlightening look at an important subject.
