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Der ungeliebte Dollar-Standar
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- Sofort-KaufenDer ungeliebte Dollar-Standard: Von Bretton Woods bis zum Aufstieg Chinas von McKinnon
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eBay-Artikelnr.:363675374099
Artikelmerkmale
- Artikelzustand
- Publication Date
- 2012-12-27
- Pages
- 240
- ISBN
- 9780199937004
- Book Title
- Unloved Dollar Standard : from Bretton Woods to the Rise of China
- Item Length
- 6.4 in
- Publisher
- Oxford University Press, Incorporated
- Publication Year
- 2012
- Type
- Textbook
- Format
- Hardcover
- Language
- English
- Illustrator
- Yes
- Item Height
- 1 in
- Genre
- Business & Economics
- Topic
- Foreign Exchange, International / Economics, Economics / General, Money & Monetary Policy
- Item Width
- 9.3 in
- Item Weight
- 0 Oz
- Number of Pages
- 240 Pages
Über dieses Produkt
Product Information
The world dollar standard is an accident of history that greatly facilitates international trade and exchange-even trade not directly involving the United States. Since 1945, the dollar has been the key currency for clearing international payments among banks including interventions by governments to set exchange rates, the dominant currency for invoicing trade in primary commodities, and the principal currency in official exchange reserves. Although the strong network effects of the dollar standard greatly increases the financial efficiency of multilateral trade, nobody loves it. Erratic U.S. monetary and exchange rate policies have continually made foreigners unhappy. A weak and falling dollar led to the worldwide price inflations of the 1970s and contributed to the disastrous asset bubbles and global credit crisis of the noughties -- including the global credit crunch of 2008-09. Dollar weakness aggravated the postwar world's three great oil shocks in 1973, 1979, and 2007-08. After 2008, the U.S. Federal Reserve Bank's policy of keeping short-term interest rates near zero and out of alignment with emerging markets on the dollar standard's periphery, makes the international monetary system vulnerable to 'carry' trades: hot money inflows into the periphery that cause a loss of monetary control, commodity bubbles, and worldwide inflation . When these carry-trade bubbles suddenly unwind, they can result in huge swings in exchange rates and credit crunches.The asymmetrical nature of the dollar standard also makes many Americans unhappy because they cannot control their own exchange rate. Under the rules of the dollar standard game as explained in chapters 2 and 3 of this book, foreign governments may opt to set their exchange rates against the dollar while, to prevent conflict, the U.S. government typically does not intervene. Nevertheless, Americans often complain about how foreigners set their dollar exchange rates unfairly. Japan bashing in the late 1970s to the mid-1990s over the alleged under valuation of the yen, and China bashing in the new millennium over the alleged undervaluation of the renminbi, are two cases in point. Thus, while nobody loves the dollar standard, the revealed preference of both governments and private participants in the foreign exchange markets since 1945 is to continue to use it. As the principal monetary mechanism ensuring that international trade remains robustly multilateral rather than narrowly bilateral, it is a remarkable survivor that is too valuable to lose and too difficult to replace. This book provides historical and analytical perspectives on the different phases of the postwar dollar standard in order to better understand its resilience in spite of the great volatility in today's global monetary system.
Product Identifiers
Publisher
Oxford University Press, Incorporated
ISBN-10
0199937001
ISBN-13
9780199937004
eBay Product ID (ePID)
117324743
Product Key Features
Book Title
Unloved Dollar Standard : from Bretton Woods to the Rise of China
Format
Hardcover
Language
English
Topic
Foreign Exchange, International / Economics, Economics / General, Money & Monetary Policy
Publication Year
2012
Type
Textbook
Illustrator
Yes
Genre
Business & Economics
Number of Pages
240 Pages
Dimensions
Item Length
6.4 in
Item Height
1 in
Item Width
9.3 in
Item Weight
0 Oz
Additional Product Features
Intended Audience
Scholarly & Professional
Number of Volumes
1 Vol.
Lc Classification Number
Hg3851.M44 2013
Reviews
"Ronald McKinnon is a seminal figure in the development of modern international monetary economics, but also an iconoclast with a distinctive view. This book is as good a summary statement as any of 'McKinnonomics.' Well worth reading as always."--Barry Eichengreen, George C. Pardee & Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley "Ron McKinnon has written a masterful summary of the attractiveness of the U.S. dollar to foreign central banks and investors, and why the dollar standard has survived and flourished despite the challenges from the SDR, the Euro, the Japanese yen, and presumably the Chinese yuan. Government institutions and investors in Europe, Latin America, and Asia buy U.S. dollar securities because these purchases satisfy their interests; the 'dollar is the best game in town'. The paradox is that the U.S. payments deficit is a sign of the strength of the U.S. dollar."-- Robert Z. Aliber, Professor of International Economics and Finance Emeritus, Booth School of Business, University of Chicago "Ron McKinnon is an original thinker, an iconoclast who always challenges the conventional wisdom, and never more so than in this latest book. He argues that the Fed should aim to stabilize the dollar's exchange rate, and that their current policy to push down interest rates to the zero lower bound has been wrong, both for the USA and for the wider world. His arguments may not find favour, but they are cogently and forcefully presented. This book should be a goad for policymakers and a stimulus for everyone else."--Professor Charles Goodhart, Emeritus Professor of Banking and Finance, London School of Economics "McKinnon presents an analysis reflecting insights gained over a lifetime's distinguished career as an academic and a consultant. ... Through sophisticated and subtle analysis supported by empirical data graphically presented, he concludes that the persistent deficits in the US balance of payments are not a product of exchange rate distortions but rather of a national savings deficit. ... Recommended." --CHOICE, "Ronald McKinnon is a seminal figure in the development of modern international monetary economics, but also an iconoclast with a distinctive view. This book is as good a summary statement as any of 'McKinnonomics.' Well worth reading as always."--Barry Eichengreen, George C. Pardee & Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley "Ron McKinnon has written a masterful summary of the attractiveness of the U.S. dollar to foreign central banks and investors, and why the dollar standard has survived and flourished despite the challenges from the SDR, the Euro, the Japanese yen, and presumably the Chinese yuan. Government institutions and investors in Europe, Latin America, and Asia buy U.S. dollar securities because these purchases satisfy their interests; the 'dollar is the best game in town'. The paradox is that the U.S. payments deficit is a sign of the strength of the U.S. dollar."-- Robert Z. Aliber, Professor of International Economics and Finance Emeritus, Booth School of Business, University of Chicago "Ron McKinnon is an original thinker, an iconoclast who always challenges the conventional wisdom, and never more so than in this latest book. He argues that the Fed should aim to stabilize the dollar's exchange rate, and that their current policy to push down interest rates to the zero lower bound has been wrong, both for the USA and for the wider world. His arguments may not find favour, but they are cogently and forcefully presented. This book should be a goad for policymakers and a stimulus for everyone else."--Professor Charles Goodhart, Emeritus Professor of Banking and Finance, London School of Economics, "Ronald McKinnon is a seminal figure in the development of modern international monetary economics, but also an iconoclast with a distinctive view. This book is as good a summary statement as any of 'McKinnonomics.' Well worth reading as always."--Barry Eichengreen, George C. Pardee & Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley"Ron McKinnon has written a masterful summary of the attractiveness of the U.S. dollar to foreign central banks and investors, and why the dollar standard has survived and flourished despite the challenges from the SDR, the Euro, the Japanese yen, and presumably the Chinese yuan. Government institutions and investors in Europe, Latin America, and Asia buy U.S. dollar securities because these purchases satisfy their interests; the 'dollar is the best game in town'. The paradox is that the U.S. payments deficit is a sign of the strength of the U.S. dollar."-- Robert Z. Aliber, Professor of International Economics and Finance Emeritus, Booth School of Business, University of Chicago"Ron McKinnon is an original thinker, an iconoclast who always challenges the conventional wisdom, and never more so than in this latest book. He argues that the Fed should aim to stabilize the dollar's exchange rate, and that their current policy to push down interest rates to the zero lower bound has been wrong, both for the USA and for the wider world. His arguments may not find favour, but they are cogently and forcefully presented. This book should be a goad for policymakers and a stimulus for everyone else."--Professor Charles Goodhart, Emeritus Professor of Banking and Finance, London School of Economics"McKinnon presents an analysis reflecting insights gained over a lifetime's distinguished career as an academic and a consultant. ... Through sophisticated and subtle analysis supported by empirical data graphically presented, he concludes that the persistent deficits in the US balance of payments are not a product of exchange rate distortions but rather of a national savings deficit. ... Recommended." --CHOICE, "Ronald McKinnon is a seminal figure in the development of modern international monetary economics, but also an iconoclast with a distinctive view. This book is as good a summary statement as any of 'McKinnonomics.' Well worth reading as always."--Barry Eichengreen, George C. Pardee & Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley"Ron McKinnon has written a masterful summary of the attractiveness of the U.S. dollar to foreign central banks and investors, and why the dollar standard has survived and flourished despite the challenges from the SDR, the Euro, the Japanese yen, and presumably the Chinese yuan. Government institutions and investors in Europe, Latin America, and Asia buy U.S. dollar securities because these purchases satisfy their interests; the 'dollar is the best game intown'. The paradox is that the U.S. payments deficit is a sign of the strength of the U.S. dollar."-- Robert Z. Aliber, Professor of International Economics and Finance Emeritus, Booth School of Business,University of Chicago"Ron McKinnon is an original thinker, an iconoclast who always challenges the conventional wisdom, and never more so than in this latest book. He argues that the Fed should aim to stabilize the dollar's exchange rate, and that their current policy to push down interest rates to the zero lower bound has been wrong, both for the USA and for the wider world. His arguments may not find favour, but they are cogently and forcefully presented. This book should be agoad for policymakers and a stimulus for everyone else."--Professor Charles Goodhart, Emeritus Professor of Banking and Finance, London School of Economics"McKinnon presents an analysis reflecting insights gained over a lifetime's distinguished career as an academic and a consultant. ... Through sophisticated and subtle analysis supported by empirical data graphically presented, he concludes that the persistent deficits in the US balance of payments are not a product of exchange rate distortions but rather of a national savings deficit. ... Recommended." --CHOICE
Table of Content
1. Introduction: The Unloved Dollar Standard I. The International Money Machine2. The Dollar's Facilitating Role as International Money Today3. The Dollar as a Worldwide Nominal Anchor: The Federal Reserve's Insular Monetary Policy from 1945 to the late 1960s4. The Slipping Anchor 1971 to 2008: The Nixon, Carter, and Greenspan Shocks5. The Bernanke Shock 2008?12: Interest Differentials, Carry Trades, and Hot Money Flows II. Trade Imbalances6. The United States' Saving Deficiency, Current Account Deficits, and De-Industrialization 7. Exchange Rates and Trade Balances under the Dollar Standard (Helen Qiao)8. Why Exchange Rates Changes Need Not Correct Global Trade Imbalances9. The Transfer Problem in Reducing the U.S. Current Account Deficit III. China: Adjusting to the Dollar Standard10. High Wage Growth under Stable Dollar Exchange Rates: Japan 1950-1971, and China 1994-2011. 11. Currency Mismatches on the Dollar's Periphery: Why China as an Immature Creditor Cannot Float Its Exchange Rate 12. China and Its Dollar Exchange Rate: A Worldwide Stabilizing Influence? (with Gunther Schnabl)IV. International Monetary Reform 13. Rehabilitating the Dollar Standard and the Role of China, 1. Introduction: The Unloved Dollar Standard I. The International Money Machine 2. The Dollar's Facilitating Role as International Money Today 3. The Dollar as a Worldwide Nominal Anchor: The Federal Reserve's Insular Monetary Policy from 1945 to the late 1960s 4. The Slipping Anchor 1971 to 2008: The Nixon, Carter, and Greenspan Shocks 5. The Bernanke Shock 2008?12: Interest Differentials, Carry Trades, and Hot Money Flows II. Trade Imbalances 6. The United States' Saving Deficiency, Current Account Deficits, and De-Industrialization 7. Exchange Rates and Trade Balances under the Dollar Standard (Helen Qiao) 8. Why Exchange Rates Changes Need Not Correct Global Trade Imbalances 9. The Transfer Problem in Reducing the U.S. Current Account Deficit III. China: Adjusting to the Dollar Standard 10. High Wage Growth under Stable Dollar Exchange Rates: Japan 1950-1971, and China 1994-2011. 11. Currency Mismatches on the Dollar's Periphery: Why China as an Immature Creditor Cannot Float Its Exchange Rate 12. China and Its Dollar Exchange Rate: A Worldwide Stabilizing Influence? (with Gunther Schnabl) IV. International Monetary Reform 13. Rehabilitating the Dollar Standard and the Role of China
Copyright Date
2013
Lccn
2012-018037
Dewey Decimal
332.4/560973
Dewey Edition
23
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