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Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?

Menzie Chinn and Jeffrey A. Frankel

in G7 Current Account Imbalances: Sustainability and Adjustment

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226107264
eISBN:
9780226107288
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226107288.003.0009
Subject:
Economics and Finance, Financial Economics

This chapter investigates whether the dollar might eventually follow the precedent of the pound and cede its status as leading international reserve currency. The link between currency shares and ... More


The Accumulation of International Reserves as a Defense Strategy

Fernando J. Cardim de Carvalho

in Time for a Visible Hand: Lessons from the 2008 World Financial Crisis

Published in print:
2010
Published Online:
February 2010
ISBN:
9780199578801
eISBN:
9780191723285
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578801.003.0015
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

The chapter by Carvalho explores the accumulation of international reserves as a defensive strategy, as well as the reasons and limitations of their “self‐insurance” function. Conceptually, countries ... More


Playing Monopoly with the Devil: Dollarization and Domestic Currencies in Developing Countries

Manuel Hinds

Published in print:
2006
Published Online:
October 2013
ISBN:
9780300113303
eISBN:
9780300129779
Item type:
book
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300113303.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

Why should a developing country surrender its power to create money by adopting an international currency as its own? This book explores the currency problems that developing countries face and ... More


Maturity

Benjamin J. Cohen

in Currency Statecraft: Monetary Rivalry and Geopolitical Ambition

Published in print:
2018
Published Online:
May 2019
ISBN:
9780226587691
eISBN:
9780226587868
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226587868.003.0006
Subject:
Political Science, International Relations and Politics

At the stage of maturity in the life cycle of an international currency, the challenge is: What should the issuing government do with its currency power? The options are exploitation, evasion, or ... More


The Unfulfilled Promises in the Financial System

Manuel Hinds

in Playing Monopoly with the Devil: Dollarization and Domestic Currencies in Developing Countries

Published in print:
2006
Published Online:
October 2013
ISBN:
9780300113303
eISBN:
9780300129779
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300113303.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter reviews the ability of floating local currencies to provide plentiful financial resources at low financial costs, and discusses how international currencies can play the role of ... More


Decline

Benjamin J. Cohen

in Currency Statecraft: Monetary Rivalry and Geopolitical Ambition

Published in print:
2018
Published Online:
May 2019
ISBN:
9780226587691
eISBN:
9780226587868
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226587868.003.0007
Subject:
Political Science, International Relations and Politics

After maturity comes decline – the end that history suggests must come to every international currency. At this stage, the challenge is how best to live with fading eminence. Again the choices are ... More


Conclusions

Manuel Hinds

in Playing Monopoly with the Devil: Dollarization and Domestic Currencies in Developing Countries

Published in print:
2006
Published Online:
October 2013
ISBN:
9780300113303
eISBN:
9780300129779
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300113303.003.0014
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter summarizes the conclusions of the analysis presented in the book. It argues that a developing country should surrender its power to create money by adopting an international currency as ... More


The U.S./China Relationship

Mauro F. Guillén

in The Architecture of Collapse: The Global System in the 21st Century

Published in print:
2015
Published Online:
November 2015
ISBN:
9780199683604
eISBN:
9780191763267
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199683604.003.0005
Subject:
Business and Management, Finance, Accounting, and Banking, Organization Studies

The global dynamics of complexity and tight coupling unfold at the level of bilateral relationships, creating different levels of risk. The U.S./China relationship is crucial because it involves the ... More


Dollar Diminution and New Macroeconomic Constraints on American Power

Jonathan Kirshner

in Sustainable Security: Rethinking American National Security Strategy

Published in print:
2016
Published Online:
December 2016
ISBN:
9780190611477
eISBN:
9780190611514
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190611477.003.0002
Subject:
Political Science, American Politics

This chapter briefly explains how the global financial crisis of 2007–2008 and its aftermath revealed underappreciated vulnerabilities in the US economy. These led to disenchantment with the American ... More


Preventing Currency Crises in Emerging Markets

Sebastian Edwards and Jeffrey A. Frankel (eds)

Published in print:
2002
Published Online:
February 2013
ISBN:
9780226184944
eISBN:
9780226185057
Item type:
book
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226185057.001.0001
Subject:
Economics and Finance, International

Economists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. This ... More


Internationalizing the Yen: 1981–2003

Shinji Takagi

in Conquering the Fear of Freedom: Japanese Exchange Rate Policy since 1945

Published in print:
2015
Published Online:
May 2015
ISBN:
9780198714651
eISBN:
9780191782893
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198714651.003.0005
Subject:
Economics and Finance, Financial Economics, Macro- and Monetary Economics

Chapter 5 reviews attempts by Japanese authorities to promote international use of the yen, mainly in trade invoicing and cross-border capital transactions. Because efforts involved developing ... More


Currency Concepts

Eswar S. Prasad

in Gaining Currency: The Rise of the Renminbi

Published in print:
2016
Published Online:
October 2016
ISBN:
9780190631055
eISBN:
9780190631086
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190631055.003.0002
Subject:
Economics and Finance, International

This chapter provides an analytical foundation for a discussion of currency concepts. It describes terms such as capital account convertibility, exchange rate flexibility, and purchasing power ... More


Gaining Currency: The Rise of the Renminbi

Eswar S. Prasad

Published in print:
2016
Published Online:
October 2016
ISBN:
9780190631055
eISBN:
9780190631086
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190631055.001.0001
Subject:
Economics and Finance, International

China’s currency, the renminbi (RMB), has taken the world by storm. The RMB is well on its way to becoming a significant international currency, one that is used widely in international trade and ... More


Conclusion

Eswar S. Prasad

in Gaining Currency: The Rise of the Renminbi

Published in print:
2016
Published Online:
October 2016
ISBN:
9780190631055
eISBN:
9780190631086
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190631055.003.0010
Subject:
Economics and Finance, International

The rise of the RMB has been impressive by any standard although the currency still has a long way to go before it becomes a major reserve currency that accounts for a substantial portion of global ... More


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