The Unloved Dollar Standard: From Bretton Woods to the Rise of China
| Author | : | |
| Rating | : | 4.41 (641 Votes) |
| Asin | : | 0199937001 |
| Format Type | : | paperback |
| Number of Pages | : | 240 Pages |
| Publish Date | : | 2014-05-01 |
| Language | : | English |
DESCRIPTION:
Ronald McKinnon is the William D. He has been a consultant to central banks and finance ministries all over the world, including agencies such as the World Bank, International Monetary Fund, and European Central Bank.. Eberle Professor Emeritus of International Economics at Stanford University, where he has taught since 1961
Contents advisory: not a good place for a novice of my level I had hoped, based on the title, on a more balanced historical work, and I find this author, while teaching me much, is half the time pushing his own theses. IN that, he would like to move some very big features of the landscape around, like the major emphases and tools the Fed currently uses. I would have asked for some more accuracy in labeling, especially having paid a fairly stiff price for this book. T. Recommend to everyone interested in international economics/monetary policy Inspring as always. US should look at its own fiscal deficit problem instead of just blaming China' exchange rate policy.. "Very thoughtful analysis of the global economy" according to Shah Nia. I have seen very few analysis as detailed and as accurate as one done in this book. I believe this view point out to be adapted by far more policy makers in our country as a way to improve our economic standing in the world.
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. payments deficit is a sign of the strength of the U.S. 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. 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. dollar securities because these
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. 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 . As the principal monetary mechanism ensuring that international trade remains robustly multilateral rather than narrowly bilateral, it is a remarkabl