Recent events in the US--high unemployment, record federal deficits, and unprecedented financial distress--have raised serious doubts about the future of the dollar. So profound has been the impact that some say the dollar may soon cease to be the world's standard currency. Is the situation that bad? In Exorbitant Privilege, one of our foremost experts on the international financial system argues that while the dollar is bound to lose its singular status to newcomers like the Euro and the Chinese Renminbi, the coming changes will be neither sudden nor dire. Barry Eichengreen puts today's crisis in historical context, revealing that only after World War II, with Europe and Japan in ruins, did the dollar become the world's monetary lingua franca--the reserve currency of the world's banks and the kind of cash accepted virtually everywhere. Now, with the rise of China, India, Brazil and other emerging economies, America no longer towers over the global economy like before. And the U.S. itself faces very serious economic and financial challenges as it contemplates its medium-term future. But despite this, Eichengreen concludes, predictions of the dollar's demise are greatly exaggerated. The paperback edition features a new afterword that takes the story up through 2012.
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Barry Eichengreen is Professor of Political Science and Economics at the University of California, Berkeley. His previous books includeThe European Economy Since 1945, Global Imbalances and the Lessons of Bretton Woods, Capital Flows and Crises, andFinancial Crises and What to Do About Them. He has written for the Financial Times, Wall Street Journal, Foreign Affairs, and other publications.
Book by Eichengreen Barry
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Taschenbuch. Condizione: Neu. Neuware - In Exorbitant Privilege, one of the world's foremost economists, Barry Eichengreen, traces the historical rise of the dollar to international prominence. He shows how the greenback dominated internationally in the second half of the twentieth century for the same reasons that the United States dominated the global economy. But now, with the rise of China, 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. With a new afterword that covers the Euro crisis and the U.S. debt-ceiling controversy, Exorbitant Privilege challenges both those who warn that the dollar is doomed and those who regard its continuing dominance as inevitable. Codice articolo 9780199931095
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