European University Institute Library

The unloved dollar standard, from Bretton Woods to the rise of China, Ronald I. McKinnon

eng

Includes bibliographical references (pages [207]-211) and index

illustrations

index present

non fiction

The unloved dollar standard

bibliography

793379326

Ronald I. McKinnon

from Bretton Woods to the rise of China

"This book presents a perspective on the role of the dollar exchange rate in undergirding multilateral trade on a global basis, both as a facilitator and as an anchor. Instability in the dollar standard is linked to commodity price bubbles, particularly spikes in the world price of oil in the 1970s and since 2007"--provided by publisher

Introduction : the unloved dollar standard. -- Part I. The international money machine. -- The U.S. dollar's facilitating role as international money today. -- The dollar as a worldwide nominal anchor : insular U.S. monetary policy from 1945 to the late 1960s. -- The slipping anchor, 1971-2008 : the Nixon, Carter, and Greenspan shocks. -- The Bernanke shock, 2008-12 : interest differentials, carry trades, and hot money flows. -- Part II. Trade imbalances. -- The U.S. saving deficiency, current-account deficits, and deindustrialization : hard versus soft landings. -- Exchange rates and trade balances under the dollar standard / Hong (Helen) Qiao. -- Why exchange rate changes will not correct global trade imbalances. -- The transfer problem in reducing the U.S. current-account deficit. -- Part III. China : adjusting to the dollar standard. -- High wage growth under stable dollar exchange rates : Japan, 1950-1971 and China, 1994-2011. -- Currency mismatches on the dollar's periphery : why China as an immature creditor cannot float its exchange rate. -- China and its dollar exchange rate : a worldwide stabilizing influence? / with Gunther Schnabl. -- Part IV. International monetary reform. -- Rehabilitating the dollar standard and the role of China : the G-2