David P. Calleo
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199552030
- eISBN:
- 9780191720291
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199552030.003.0010
- Subject:
- Political Science, American Politics, European Union
In recent years it has often been affirmed that economic disputes have been driving the United States and the European Union apart. This chapter discusses this view and argues that, while many ...
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In recent years it has often been affirmed that economic disputes have been driving the United States and the European Union apart. This chapter discusses this view and argues that, while many economic issues have certainly come up, they have generally been resolved relatively quickly and amicably. The most difficult and persistent disputes have concerned the management of the dollar and its exchange rate, related to America's twin budget deficits. These disputes are still very much with us today. We should never forget, however, that even the dollar disputes have been taking place within a rapidly growing Atlantic market and investment area. “Today, nearly two decades after the Soviet collapse, we sense a growing geopolitical alienation within the West, and hope to invoke our extensive economic ties to counter it.” In the end, however, the chapter concludes that the USA and Europe are bound to remain both rivals and partners.Less
In recent years it has often been affirmed that economic disputes have been driving the United States and the European Union apart. This chapter discusses this view and argues that, while many economic issues have certainly come up, they have generally been resolved relatively quickly and amicably. The most difficult and persistent disputes have concerned the management of the dollar and its exchange rate, related to America's twin budget deficits. These disputes are still very much with us today. We should never forget, however, that even the dollar disputes have been taking place within a rapidly growing Atlantic market and investment area. “Today, nearly two decades after the Soviet collapse, we sense a growing geopolitical alienation within the West, and hope to invoke our extensive economic ties to counter it.” In the end, however, the chapter concludes that the USA and Europe are bound to remain both rivals and partners.
Stephen Clarkson
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198296393
- eISBN:
- 9780191599002
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198296398.003.0005
- Subject:
- Political Science, European Union
NAFTA has not followed the EU in developing a single currency. The author analyses the case for and against a potential US dollar union from a Canadian perspective, explaining a preference for ...
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NAFTA has not followed the EU in developing a single currency. The author analyses the case for and against a potential US dollar union from a Canadian perspective, explaining a preference for avoiding monetary union.Less
NAFTA has not followed the EU in developing a single currency. The author analyses the case for and against a potential US dollar union from a Canadian perspective, explaining a preference for avoiding monetary union.
Benjamin J. Cohen
- Published in print:
- 2004
- Published Online:
- August 2004
- ISBN:
- 9780199271405
- eISBN:
- 9780191601200
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271402.003.0013
- Subject:
- Economics and Finance, Economic Systems
This chapter examines the US interest in dollarization. Formal adoption of the US dollar by other governments creates both opportunities and risks for the United States, political as well as ...
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This chapter examines the US interest in dollarization. Formal adoption of the US dollar by other governments creates both opportunities and risks for the United States, political as well as economic. But few benefits and costs can be estimated in advance, leaving much room for disagreement over the likely balance of costs and benefits. The argument here is that, from the US point of view, no presumption either way can be established. Unless directly challenged by efforts elsewhere to establish formal currency blocs, the United States has no interest in promoting a wider role for the greenback.Less
This chapter examines the US interest in dollarization. Formal adoption of the US dollar by other governments creates both opportunities and risks for the United States, political as well as economic. But few benefits and costs can be estimated in advance, leaving much room for disagreement over the likely balance of costs and benefits. The argument here is that, from the US point of view, no presumption either way can be established. Unless directly challenged by efforts elsewhere to establish formal currency blocs, the United States has no interest in promoting a wider role for the greenback.
Neil Shephard
- Published in print:
- 2005
- Published Online:
- September 2007
- ISBN:
- 9780198566540
- eISBN:
- 9780191718038
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198566540.003.0012
- Subject:
- Mathematics, Probability / Statistics
This chapter explores whether there are discontinuities in financial price processes using daily data on the Japanese yen and United States dollar. It opens with a brief description of the data, ...
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This chapter explores whether there are discontinuities in financial price processes using daily data on the Japanese yen and United States dollar. It opens with a brief description of the data, notation, and models to be used, and then turns to a semi-parametric analysis based on the realized quadratic variation process, which suggests appreciable evidence of discontinuities in the data. The parametric modeling of the local martingale of prices using a Brownian motion plus a compound Poisson process is described. A particle filter is used to fit this model, which is compared with the previous approach. The parametric approach seems to miss almost all the real discontinuities in the process. The chapter ends with a brief discussion of some open problems.Less
This chapter explores whether there are discontinuities in financial price processes using daily data on the Japanese yen and United States dollar. It opens with a brief description of the data, notation, and models to be used, and then turns to a semi-parametric analysis based on the realized quadratic variation process, which suggests appreciable evidence of discontinuities in the data. The parametric modeling of the local martingale of prices using a Brownian motion plus a compound Poisson process is described. A particle filter is used to fit this model, which is compared with the previous approach. The parametric approach seems to miss almost all the real discontinuities in the process. The chapter ends with a brief discussion of some open problems.
David T. Beers and Neil Wallace
- Published in print:
- 2013
- Published Online:
- October 2017
- ISBN:
- 9780691158709
- eISBN:
- 9781400847648
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691158709.003.0007
- Subject:
- Economics and Finance, Economic History
This chapter examines the recent substantial depreciation of the Hong Kong dollar. From 1974 until October 1983, Hong Kong's officially professed monetary policy allowed both the quantity and the ...
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This chapter examines the recent substantial depreciation of the Hong Kong dollar. From 1974 until October 1983, Hong Kong's officially professed monetary policy allowed both the quantity and the exchange value of Hong Kong currency to be determined by market forces (or to float). Between mid-1980 and October 1983, when the government announced a new policy, the U.S. dollar value of the Hong Kong dollar fell about 33 percent. During that period, there also occurred substantial declines (even in terms of local currency) in all the value of assets located in Hong Kong—Hong Kong real estate and common stock in Hong Kong companies. The chapter first provides an overview of Hong Kong's monetary system before discussing its official float policy. It also considers the options available to the Hong Kong government if it were to have pegged the exchange rate for its currency to one or several foreign currencies.Less
This chapter examines the recent substantial depreciation of the Hong Kong dollar. From 1974 until October 1983, Hong Kong's officially professed monetary policy allowed both the quantity and the exchange value of Hong Kong currency to be determined by market forces (or to float). Between mid-1980 and October 1983, when the government announced a new policy, the U.S. dollar value of the Hong Kong dollar fell about 33 percent. During that period, there also occurred substantial declines (even in terms of local currency) in all the value of assets located in Hong Kong—Hong Kong real estate and common stock in Hong Kong companies. The chapter first provides an overview of Hong Kong's monetary system before discussing its official float policy. It also considers the options available to the Hong Kong government if it were to have pegged the exchange rate for its currency to one or several foreign currencies.
Steven Brint
- Published in print:
- 2018
- Published Online:
- May 2019
- ISBN:
- 9780691182667
- eISBN:
- 9780691184890
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691182667.003.0006
- Subject:
- Education, Higher Education
This chapter talks about the priorities that patrons expressed and the consequences of their largesse, focusing on the three giants of giving: the federal government, the fifty states, and ...
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This chapter talks about the priorities that patrons expressed and the consequences of their largesse, focusing on the three giants of giving: the federal government, the fifty states, and million-dollar-plus donors. It argues that the priorities of patrons tended to favor fields that were closely aligned with power centers in American society—many connected to technological innovation—and their financial aid preferences tipped decidedly in the direction of support for middle-class and affluent college students. Less well-connected fields and financially needy students were not neglected by patrons, but support for them failed to keep pace. By contrast, most professors identified with the structures of academic professionalism, and a large proportion also supported the universities' aspirations for wider social inclusion.Less
This chapter talks about the priorities that patrons expressed and the consequences of their largesse, focusing on the three giants of giving: the federal government, the fifty states, and million-dollar-plus donors. It argues that the priorities of patrons tended to favor fields that were closely aligned with power centers in American society—many connected to technological innovation—and their financial aid preferences tipped decidedly in the direction of support for middle-class and affluent college students. Less well-connected fields and financially needy students were not neglected by patrons, but support for them failed to keep pace. By contrast, most professors identified with the structures of academic professionalism, and a large proportion also supported the universities' aspirations for wider social inclusion.
Christian Smith, Michael O. Emerson, and Patricia Snell
- Published in print:
- 2008
- Published Online:
- May 2009
- ISBN:
- 9780195337112
- eISBN:
- 9780199868414
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195337112.003.0003
- Subject:
- Religion, Religion and Society
This chapter examines various data sources on charitable giving in the United States to establish six crucial facts about the giving of American Christians. These are that at least one out of five ...
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This chapter examines various data sources on charitable giving in the United States to establish six crucial facts about the giving of American Christians. These are that at least one out of five American Christians — twenty percent of all American Christians — gives literally nothing to church, para-church, or nonreligious charities; the vast majority of American Christians give very little to church, para-church, or nonreligious charities; American Christians do not give their dollars evenly among themselves, but, rather, a small minority of generous givers among them contributes most of the total Christian dollars given; higher income earning American Christians — like Americans generally — give little to no more money as a percentage of household income than lower income earning Christians; despite a massive growth of real per capita income over the 20th century, the average percentage share of income given by American Christians not only did not grow actually declined slightly during this time period; and the vast majority of the money that American Christians do give to religion is spent in and for their own local communities of faith — little is spent on missions, development, and poverty relief outside of local congregations, particularly outside the United States.Less
This chapter examines various data sources on charitable giving in the United States to establish six crucial facts about the giving of American Christians. These are that at least one out of five American Christians — twenty percent of all American Christians — gives literally nothing to church, para-church, or nonreligious charities; the vast majority of American Christians give very little to church, para-church, or nonreligious charities; American Christians do not give their dollars evenly among themselves, but, rather, a small minority of generous givers among them contributes most of the total Christian dollars given; higher income earning American Christians — like Americans generally — give little to no more money as a percentage of household income than lower income earning Christians; despite a massive growth of real per capita income over the 20th century, the average percentage share of income given by American Christians not only did not grow actually declined slightly during this time period; and the vast majority of the money that American Christians do give to religion is spent in and for their own local communities of faith — little is spent on missions, development, and poverty relief outside of local congregations, particularly outside the United States.
Benjamin J. Cohen
- Published in print:
- 2018
- Published Online:
- May 2019
- ISBN:
- 9780226587691
- eISBN:
- 9780226587868
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226587868.001.0001
- Subject:
- Political Science, International Relations and Politics
What is the role of currency statecraft in world politics? When a national money gains international appeal, the power resources of the issuing country are augmented. Currency statecraft is about ...
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What is the role of currency statecraft in world politics? When a national money gains international appeal, the power resources of the issuing country are augmented. Currency statecraft is about what the country chooses to do – or not do – with its currency power. This book begins with the premise that every international money goes through a life cycle, from youth to maturity to (eventually) decline. At each stage, the supplier has three choices: to be pro-active in favor of international use, to resist internationalization, or to remain neutral. The central argument of the book is that beyond purely material factors, currency statecraft is motivated by cognitive considerations having to do with a society’s underlying sense of identity. In particular, policy is shaped by the extent of a state’s geopolitical ambition: how driven it is to build or sustain a prominent place in the community of nations. Extensive study of experience in the modern era demonstrates the key role played by the presence or absence of geopolitical ambition in the rise of international currencies like the West German Deutsche mark or Japanese yen, the long-standing dominance of the US dollar, and the decline of the British pound. The book concludes with a look at the growing rivalry between America’s greenback and the emergent renminbi of China – the central drama on the world currency stage today. Analysis suggests that a new era of open and costly monetary hostilities may be approaching.Less
What is the role of currency statecraft in world politics? When a national money gains international appeal, the power resources of the issuing country are augmented. Currency statecraft is about what the country chooses to do – or not do – with its currency power. This book begins with the premise that every international money goes through a life cycle, from youth to maturity to (eventually) decline. At each stage, the supplier has three choices: to be pro-active in favor of international use, to resist internationalization, or to remain neutral. The central argument of the book is that beyond purely material factors, currency statecraft is motivated by cognitive considerations having to do with a society’s underlying sense of identity. In particular, policy is shaped by the extent of a state’s geopolitical ambition: how driven it is to build or sustain a prominent place in the community of nations. Extensive study of experience in the modern era demonstrates the key role played by the presence or absence of geopolitical ambition in the rise of international currencies like the West German Deutsche mark or Japanese yen, the long-standing dominance of the US dollar, and the decline of the British pound. The book concludes with a look at the growing rivalry between America’s greenback and the emergent renminbi of China – the central drama on the world currency stage today. Analysis suggests that a new era of open and costly monetary hostilities may be approaching.
Christopher M.D. Wilkie
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199606467
- eISBN:
- 9780191731648
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199606467.003.0005
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Delving further into US policy determination provides other clues as to why SDRs became marginalized in the late 1970s and 1980s. For instance, US international monetary policy determination was ...
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Delving further into US policy determination provides other clues as to why SDRs became marginalized in the late 1970s and 1980s. For instance, US international monetary policy determination was affected by increased Congressional interest in the asset—with the Watergate scandal providing the dramatic backdrop for changing dynamics between the legislative and executive branches of government. These changing dynamics continue to characterize international economic policy determination in the US today, as does the role of the Federal Reserve. Not surprisingly, they also adversely affected prospects for the SDR.Less
Delving further into US policy determination provides other clues as to why SDRs became marginalized in the late 1970s and 1980s. For instance, US international monetary policy determination was affected by increased Congressional interest in the asset—with the Watergate scandal providing the dramatic backdrop for changing dynamics between the legislative and executive branches of government. These changing dynamics continue to characterize international economic policy determination in the US today, as does the role of the Federal Reserve. Not surprisingly, they also adversely affected prospects for the SDR.
Barry Eichengreen
- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780195101133
- eISBN:
- 9780199869626
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195101138.003.0011
- Subject:
- Economics and Finance, Economic History
This chapter analyzes the critical period in the spring of 1933 when American policy was reversed and the dollar devalued. Roosevelt's abandonment of gold coincided with the World Economic ...
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This chapter analyzes the critical period in the spring of 1933 when American policy was reversed and the dollar devalued. Roosevelt's abandonment of gold coincided with the World Economic Conference, which was held in London in June 1933, in a last attempt to respond cooperatively to the economic crisis. The connections are traced between the dollar's depreciation and the London Conference and an explanation given of why the latter failed. The different sections of the chapter discuss the background to the negotiations, the conference itself, the international monetary repercussions, and the impact of devaluation of the dollar.Less
This chapter analyzes the critical period in the spring of 1933 when American policy was reversed and the dollar devalued. Roosevelt's abandonment of gold coincided with the World Economic Conference, which was held in London in June 1933, in a last attempt to respond cooperatively to the economic crisis. The connections are traced between the dollar's depreciation and the London Conference and an explanation given of why the latter failed. The different sections of the chapter discuss the background to the negotiations, the conference itself, the international monetary repercussions, and the impact of devaluation of the dollar.
Jerome L. Stein
- Published in print:
- 1998
- Published Online:
- November 2003
- ISBN:
- 9780198293064
- eISBN:
- 9780191596940
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198293062.003.0002
- Subject:
- Economics and Finance, Macro- and Monetary Economics, International
To what extent has the real exchange rate of the US dollar been as stable as is justified by the ”fundamentals” – fiscal policy, private saving ratio, productivity, rate of return on investment, real ...
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To what extent has the real exchange rate of the US dollar been as stable as is justified by the ”fundamentals” – fiscal policy, private saving ratio, productivity, rate of return on investment, real long‐term rate of interest? What factors can explain the persistent and large deviations from purchasing power parity? How can we calculate whether the US dollar is over or undervalued? What has produced the US current account deficits? How do international financial markets affect the responses of the US economy to internal and external disturbances?Less
To what extent has the real exchange rate of the US dollar been as stable as is justified by the ”fundamentals” – fiscal policy, private saving ratio, productivity, rate of return on investment, real long‐term rate of interest? What factors can explain the persistent and large deviations from purchasing power parity? How can we calculate whether the US dollar is over or undervalued? What has produced the US current account deficits? How do international financial markets affect the responses of the US economy to internal and external disturbances?
Robert Mundell
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780195155358
- eISBN:
- 9780199832989
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195155351.003.0002
- Subject:
- Economics and Finance, International
This chapter opens with a discussion on the dollar’s position as the world’s pre-eminent currency. It builds a case for currency unions by advocating monetary rules, suggesting that currency and free ...
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This chapter opens with a discussion on the dollar’s position as the world’s pre-eminent currency. It builds a case for currency unions by advocating monetary rules, suggesting that currency and free trade areas reinforce each other, and rejecting the criticism that “one-size-fits-all” monetary policy will not work across countries with differential growth rates. It then describes the benefits of a single-currency area for the world and how this may be implemented.Less
This chapter opens with a discussion on the dollar’s position as the world’s pre-eminent currency. It builds a case for currency unions by advocating monetary rules, suggesting that currency and free trade areas reinforce each other, and rejecting the criticism that “one-size-fits-all” monetary policy will not work across countries with differential growth rates. It then describes the benefits of a single-currency area for the world and how this may be implemented.
Ronald I. McKinnon
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780195155358
- eISBN:
- 9780199832989
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195155351.003.0011
- Subject:
- Economics and Finance, International
This chapter examines the monetary and exchange rate policies of Canada, Latin America, and East Asia toward the dollar. The central role of the dollar in international finance has the potential to ...
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This chapter examines the monetary and exchange rate policies of Canada, Latin America, and East Asia toward the dollar. The central role of the dollar in international finance has the potential to displace national currencies for domestic uses. Only Canada and a few other countries can safely act unilaterally against dollar encroachment. In other parts of the world where regional trade is important but a regional common currency is not politically feasible, establishing an efficient common monetary standard is more of a collective choice.Less
This chapter examines the monetary and exchange rate policies of Canada, Latin America, and East Asia toward the dollar. The central role of the dollar in international finance has the potential to displace national currencies for domestic uses. Only Canada and a few other countries can safely act unilaterally against dollar encroachment. In other parts of the world where regional trade is important but a regional common currency is not politically feasible, establishing an efficient common monetary standard is more of a collective choice.
Ho-fung Hung
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9780231164184
- eISBN:
- 9780231540223
- Item type:
- chapter
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231164184.003.0006
- Subject:
- Political Science, Asian Politics
China has been addicted to US Treasuries and is financing the US lasting global power, defying the common conception that China is displacing US global leadership. China's geopolitical influence is ...
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China has been addicted to US Treasuries and is financing the US lasting global power, defying the common conception that China is displacing US global leadership. China's geopolitical influence is growing in Asia and in the developing world, but it has been contained by the anxiety of smaller countries that seek US protection.Less
China has been addicted to US Treasuries and is financing the US lasting global power, defying the common conception that China is displacing US global leadership. China's geopolitical influence is growing in Asia and in the developing world, but it has been contained by the anxiety of smaller countries that seek US protection.
Hersh Shefrin
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780195161212
- eISBN:
- 9780199832996
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195161211.003.0011
- Subject:
- Economics and Finance, Financial Economics
A great many people find that they lack the foresight and self‐control necessary to save adequately for retirement. But the spectrum is wide. Some people learn the keys to successful retirement ...
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A great many people find that they lack the foresight and self‐control necessary to save adequately for retirement. But the spectrum is wide. Some people learn the keys to successful retirement planning. They learn that they need to deal with framing effects and behavioral biases. Notably, there are some aspects of mental accounting that are detrimental to accumulating retirement wealth, and other aspects that are helpful. Mental accounting can lead people to invest too conservatively, because it leads them to suffer from myopic loss aversion. At the same time, mental accounting can be constructively used to distinguish different categories of wealth, thereby helping people both to save money and thereafter to safeguard that money from being injudiciously spent. Dollar cost averaging is intriguing from a behavioral perspective. It combines the cultivation of good savings habits to deal with temptation, framing effects that reduce the pain of loss, and conventionality that mitigates feelings of regret.Less
A great many people find that they lack the foresight and self‐control necessary to save adequately for retirement. But the spectrum is wide. Some people learn the keys to successful retirement planning. They learn that they need to deal with framing effects and behavioral biases. Notably, there are some aspects of mental accounting that are detrimental to accumulating retirement wealth, and other aspects that are helpful. Mental accounting can lead people to invest too conservatively, because it leads them to suffer from myopic loss aversion. At the same time, mental accounting can be constructively used to distinguish different categories of wealth, thereby helping people both to save money and thereafter to safeguard that money from being injudiciously spent. Dollar cost averaging is intriguing from a behavioral perspective. It combines the cultivation of good savings habits to deal with temptation, framing effects that reduce the pain of loss, and conventionality that mitigates feelings of regret.
Laura M. Hartman
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199746422
- eISBN:
- 9780199918751
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199746422.003.0003
- Subject:
- Religion, Theology
In contrast with the ascetic strain of Christianity, some Christians suggest that proper consumption should be joyful and celebratory. On this view, Christians ought to embrace God's gifts with ...
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In contrast with the ascetic strain of Christianity, some Christians suggest that proper consumption should be joyful and celebratory. On this view, Christians ought to embrace God's gifts with gratitude and savoring. With help from Thomas Aquinas, Clement of Alexandria, John Schneider, Matthew Fox, Creflo Dollar, and L. Shannon Jung, this chapter argues that the earth is fruitful and full of blessing, that human hungers are not sinful, that wealth may be virtuous in the hands of God's beloved children, and that good stewardship of blessings may include enjoying consumption.Less
In contrast with the ascetic strain of Christianity, some Christians suggest that proper consumption should be joyful and celebratory. On this view, Christians ought to embrace God's gifts with gratitude and savoring. With help from Thomas Aquinas, Clement of Alexandria, John Schneider, Matthew Fox, Creflo Dollar, and L. Shannon Jung, this chapter argues that the earth is fruitful and full of blessing, that human hungers are not sinful, that wealth may be virtuous in the hands of God's beloved children, and that good stewardship of blessings may include enjoying consumption.
Norman Birnbaum
- Published in print:
- 2002
- Published Online:
- October 2011
- ISBN:
- 9780195158595
- eISBN:
- 9780199849352
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195158595.003.0010
- Subject:
- History, Political History
In no other industrial democracy are inequalities in income and wealth as pronounced as they are in the United States. At the same time, the United States is a democracy of manners. Traditions of ...
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In no other industrial democracy are inequalities in income and wealth as pronounced as they are in the United States. At the same time, the United States is a democracy of manners. Traditions of disrespect for authority and convention, of systematic idiosyncrasy, live on. American proprietorship of the Cold War reinvented a national ideology of mission in the service of global hegemony. This was made possible by the postwar American social contract and the consensus that contract engendered. The contract, continuing the wartime program of relatively full employment, produced an occasionally uneasy social truce. The social contract rested on a continuous increase in national productivity and a concomitant rise in the standard of living for a majority of the populace. In the first twenty-five years of the postwar period, the unchallenged supremacy of the American economy was reinforced by the role of the dollar as a reserve currency.Less
In no other industrial democracy are inequalities in income and wealth as pronounced as they are in the United States. At the same time, the United States is a democracy of manners. Traditions of disrespect for authority and convention, of systematic idiosyncrasy, live on. American proprietorship of the Cold War reinvented a national ideology of mission in the service of global hegemony. This was made possible by the postwar American social contract and the consensus that contract engendered. The contract, continuing the wartime program of relatively full employment, produced an occasionally uneasy social truce. The social contract rested on a continuous increase in national productivity and a concomitant rise in the standard of living for a majority of the populace. In the first twenty-five years of the postwar period, the unchallenged supremacy of the American economy was reinforced by the role of the dollar as a reserve currency.
Ellen D. Tillman
- Published in print:
- 2016
- Published Online:
- September 2016
- ISBN:
- 9781469626956
- eISBN:
- 9781469628127
- Item type:
- book
- Publisher:
- University of North Carolina Press
- DOI:
- 10.5149/northcarolina/9781469626956.001.0001
- Subject:
- History, Military History
The U.S. policy of “Dollar Diplomacy” was designed to replace “dollars for bullets,” to guarantee economic and political stability in the Caribbean without intrusive and increasingly controversial ...
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The U.S. policy of “Dollar Diplomacy” was designed to replace “dollars for bullets,” to guarantee economic and political stability in the Caribbean without intrusive and increasingly controversial military interventions. Using military and government records from Dominican and US archives, this work investigates the extent to which early twentieth-century U.S. involvement in the Dominican Republic fundamentally changed the course of Dominican history and the conduct of U.S. foreign policy. In the Dominican Republic, successive interventions contributed to a drastic shifting of the social order, as well as centralized state power through the military, which Rafael Trujillo leveraged in his rise to dictatorship in the 1920s. Ultimately, this study demonstrates, the overthrow of the social order resulted not from military planning, but from the unplanned and uncoordinated interactions and negotiations between U.S. Marine Corps military occupation initiatives and Dominican society. This work provides insight into Dominican history and early U.S. attempts to use military force to reform other nations, but also offers a unique view of the power and goals of U.S. Navy officers and administrators during a period of expansive naval growth and concern about Caribbean security.Less
The U.S. policy of “Dollar Diplomacy” was designed to replace “dollars for bullets,” to guarantee economic and political stability in the Caribbean without intrusive and increasingly controversial military interventions. Using military and government records from Dominican and US archives, this work investigates the extent to which early twentieth-century U.S. involvement in the Dominican Republic fundamentally changed the course of Dominican history and the conduct of U.S. foreign policy. In the Dominican Republic, successive interventions contributed to a drastic shifting of the social order, as well as centralized state power through the military, which Rafael Trujillo leveraged in his rise to dictatorship in the 1920s. Ultimately, this study demonstrates, the overthrow of the social order resulted not from military planning, but from the unplanned and uncoordinated interactions and negotiations between U.S. Marine Corps military occupation initiatives and Dominican society. This work provides insight into Dominican history and early U.S. attempts to use military force to reform other nations, but also offers a unique view of the power and goals of U.S. Navy officers and administrators during a period of expansive naval growth and concern about Caribbean security.
Benjamin J. Cohen
- Published in print:
- 2001
- Published Online:
- October 2011
- ISBN:
- 9780199245314
- eISBN:
- 9780191697449
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199245314.003.0011
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter discusses the implications of Economic and Monetary Union (EMU) for developing countries, which are political as well as economic. In economic terms, economies in the developing world ...
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This chapter discusses the implications of Economic and Monetary Union (EMU) for developing countries, which are political as well as economic. In economic terms, economies in the developing world will be affected by changes in European growth rates as well as by EMU's impact on transaction costs and enterprise competitiveness within Europe. In political terms, developing countries will be most directly influenced by the anticipated rivalry between Europe's new single money, the euro, and the dollar, which will compel developing countries to reconsider their own currency strategies.Less
This chapter discusses the implications of Economic and Monetary Union (EMU) for developing countries, which are political as well as economic. In economic terms, economies in the developing world will be affected by changes in European growth rates as well as by EMU's impact on transaction costs and enterprise competitiveness within Europe. In political terms, developing countries will be most directly influenced by the anticipated rivalry between Europe's new single money, the euro, and the dollar, which will compel developing countries to reconsider their own currency strategies.
Guillermo A. Calvo
- Published in print:
- 2016
- Published Online:
- May 2017
- ISBN:
- 9780262035415
- eISBN:
- 9780262336017
- Item type:
- book
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262035415.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
The book claims that liquidity issues are at the heart of recent financial crises, and their analysis helps to explain phenomena that are alien to mainstream macroeconomic models. To make this point, ...
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The book claims that liquidity issues are at the heart of recent financial crises, and their analysis helps to explain phenomena that are alien to mainstream macroeconomic models. To make this point, the book first reviews crisis episodes starting with Mexico's Tequila crisis in 1994/5 and including the Great Recession in developed-market economies. The narrative reveals wide gaps in conventional models and the existence of stubborn intellectual inertia in dealing with these crises. The book devotes an entire chapter to discussing liquidity, highlighting that resilience with respect to Liquidity Crunch differs across liquid assets. This observation helps to rationalize a large set of phenomena, including resilience of the US dollar vis à vis other dollar-denominated liquid assets; global contagion in financial markets; effectiveness and limitations of central bank monetary policy; and negative effects of low and persistent international interest rates. Some of these phenomena – and others like secular stagnation – become evident once liquidity is explicitly introduced in mainstream models. In two econometric studies the book (1) focuses on Liquidity Crunch as an important component of “non-regular” recessions; and (2) identifies factors likely to contribute to Sudden Stop vulnerability in emerging-market economies.Less
The book claims that liquidity issues are at the heart of recent financial crises, and their analysis helps to explain phenomena that are alien to mainstream macroeconomic models. To make this point, the book first reviews crisis episodes starting with Mexico's Tequila crisis in 1994/5 and including the Great Recession in developed-market economies. The narrative reveals wide gaps in conventional models and the existence of stubborn intellectual inertia in dealing with these crises. The book devotes an entire chapter to discussing liquidity, highlighting that resilience with respect to Liquidity Crunch differs across liquid assets. This observation helps to rationalize a large set of phenomena, including resilience of the US dollar vis à vis other dollar-denominated liquid assets; global contagion in financial markets; effectiveness and limitations of central bank monetary policy; and negative effects of low and persistent international interest rates. Some of these phenomena – and others like secular stagnation – become evident once liquidity is explicitly introduced in mainstream models. In two econometric studies the book (1) focuses on Liquidity Crunch as an important component of “non-regular” recessions; and (2) identifies factors likely to contribute to Sudden Stop vulnerability in emerging-market economies.
