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Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System

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Recent events in the US--high unemployment, record federal deficits, and unprecedented financial distress--have raised serious doubts about the future of the dollar. So profound has been the impact that some say the dollar may soon cease to be the world's standard currency. Is the situation that bad? In Exorbitant Privilege, one of our foremost experts on the international financial system argues that while the dollar is bound to lose its singular status to newcomers like the Euro and the Chinese Renminbi, the coming changes will be neither sudden nor dire. Barry Eichengreen puts today's crisis in historical context, revealing that only after World War II, with Europe and Japan in ruins, did the dollar become the world's monetary lingua franca--the reserve currency of the world's banks and the kind of cash accepted virtually everywhere. Now, with the rise of China, India, Brazil and other emerging economies, America no longer towers over the global economy like before. And the U.S. itself faces very serious economic and financial challenges as it contemplates its medium-term future. But despite this, Eichengreen concludes, predictions of the dollar's demise are greatly exaggerated. The paperback edition features a new afterword that takes the story up through 2012.
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Product Details

  • ISBN-13: 9780199931095
  • Publisher: Oxford University Press
  • Publication date: 9/1/2012
  • Edition description: Reprint
  • Pages: 240
  • Sales rank: 806,096
  • Product dimensions: 6.10 (w) x 9.20 (h) x 0.50 (d)

Meet the Author

Barry Eichengreen is Professor of Political Science and Economics at the University of California, Berkeley. His previous books include The European Economy Since 1945, Global Imbalances and the Lessons of Bretton Woods, Capital Flows and Crises, and Financial Crises and What to Do About Them. He has written for the Financial Times, Wall Street Journal, Foreign Affairs, and other publications.

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Table of Contents

Chapter 1: Introduction Chapter 2, "Emergence"
Chapter 3, "Dominance"
Chapter 4, "The Rise of a Rival"
Chapter 5, "Crisis"
Chapter 6, "Today"
Chapter 7, "Tomorrow"

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Sort by: Showing all of 4 Customer Reviews
  • Posted August 28, 2012

    more from this reviewer

    Professor Barry Eichengreen┬┐s exploration of the dollar┬┐s reserv

    Professor Barry Eichengreen’s exploration of the dollar’s reserve
    currency role could be merely an interesting history of currencies and
    repositories of value – from wampum and whelk shells to credit default
    swaps – all mapped out from Bretton Woods to the Maastricht Treaty to
    China’s looming role and beyond. But Eichengreen accounts for more than
    history as he expertly guides readers through the maze of the
    international monetary system. getAbstract finds that unresolved issues
    in world markets give this exposition considerable contemporary bite.
    Eichengreen argues solidly that the threats to the dollar’s
    international reserve status are real enough, but says all signs are
    that the dollar will endure as the first among rivals, even if other
    regional kingpins arise. He seems to believe that, despite its various
    crises and challenges, the dollar will remain dominant – but, in the
    end, he ducks a definitive judgment and concludes that its fate is in
    American hands and not in those of the Chinese or other international competitors.

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    Posted July 27, 2011

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  • Anonymous

    Posted February 18, 2012

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  • Anonymous

    Posted June 24, 2011

    No text was provided for this review.

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