Love it or hate it... the dollar's here to stay

Eswar Prasad interviewed by Viv Davies, 29 Mar 2014

Eswar Prasad talks to Viv Davies about his recent book, ‘The Dollar Trap: How the US dollar tightened its grip on global finance’, which examines how, paradoxically, in light of the financial crisis, the dollar continues to play a central role in the world economy and why it will remain the cornerstone of global finance for the foreseeable future. They also discuss the current frameworks for international economic cooperation as well as currency wars, unconventional monetary policy and the prospects for the renminbi becoming the world's reserve currency. The interview was recorded in London in March 2014.

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See Also

Prasad, Eswar S (2014) The Dollar Trap: How the U.S. dollar tightened its grip on global finance , Princeton University Press.

Transcript

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Topics: Exchange rates
Tags: Currency wars, Emerging-market economies, exchange-rate policy, foreign exchange reserves, international currency

One or multiple international currencies? Evidence from the history of the oil market

Livia Chiţu, Barry Eichengreen, Arnaud Mehl, 17 March 2014

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Notwithstanding a near meltdown of the US financial system, the downgrade of US sovereign debt by one rating agency and the emergence of the renminbi as a potential rival, the global financial crisis underscored – in the view of many – how dominant the dollar remains in the global monetary system (see e.g. Frankel 2013, Prasad 2014).

Topics: Energy, International finance
Tags: international currency, oil market

When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets

Barry Eichengreen, Arnaud Mehl, Livia Chiţu, 23 May 2012

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The global economic and financial crisis has lent new impetus to discussions of the future of the international monetary and financial system. Some advocate moving to a multipolar system in which the US dollar shares its international currency role with the euro, the Chinese renminbi and/or the IMF’s Special Drawing Rights.

Topics: International finance
Tags: dollar, international currency

Memory and the dollar

Rebecca Hellerstein, William Ryan, 6 February 2010

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Since the Second World War, the dollar has been the currency used most commonly in financial, trade, and cash transactions worldwide. Whether that will remain the case is the subject of an intensifying debate in global financial circles.

Topics: Exchange rates, International finance, Monetary policy
Tags: dollar, euro, international currency

Forecasting the euro’s future

Benjamin J. Cohen, 13 September 2008

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The upcoming tenth anniversary of Europe’s Economic and Monetary Union (EMU) has sparked much discussion over the future of the euro as an international currency. For many economists, it is only a matter of time until the euro overtakes America’s greenback.

Topics: Politics and economics
Tags: euro, international currency, Political Economy

The euro could surpass the dollar within ten years

Jeffrey Frankel, 18 March 2008

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The International Economy recently asked experts: Ten years from now, which will likely be the next great global currency?

Topics: International finance
Tags: deficits, dollar, euro, foreign exchange reserves, international currency

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