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How global currencies work : past, present, and future
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ISBN: 9780691177007 9780691191867 0691191867 0691177007 Year: 2018 Publisher: Princeton, New Jersey Princeton University Press

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"At first glance, the modern history of the global economic system seems to support the long-held view that the leading world power's currency--the British pound, the U.S. dollar, and perhaps someday the Chinese yuan--invariably dominates international trade and finance. In How Global Currencies Work, three noted economists provide a reassessment of this history and the theories behind the conventional wisdom. Offering a new history of global finance over the past two centuries, and marshaling extensive new data to test established theories of how global currencies work, Barry Eichengreen, Arnaud Mehl, and Livia Chiţu argue for a new view, in which several national monies can share international currency status, and their importance can change rapidly. They demonstrate how changes in technology and in the structure of international trade and finance have reshaped the landscape of international currencies so that several international financial standards can coexist. They show that multiple international and reserve currencies have in fact coexisted in the pastupending the traditional view of the British pound's dominance prior to 1945 and the U.S. dollar's dominance more recently.Looking forward, the book tackles the implications of this new framework for major questions facing the future of the international monetary system, from whether the euro and the Chinese yuan might address their respective challenges and perhaps rival the dollar, to how increased currency competition might affect global financial stability."--Dust jacket.

The Euro : The Battle for the New Global Currency
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ISBN: 9780300176742 0300176740 9780300127300 0300173903 Year: 2011 Publisher: New Haven, CT : Yale University Press,

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This book is the first comprehensive political and economic account of the birth and development of the Euro. Today the Euro is the supranational currency for sixteen European countries and the world's second-largest reserve currency. David Marsh tells the story of the rivalries, intrigues, and deal making that brought about a currency for Europe, and he analyzes the achievements and shortcomings of its first decade of existence. While the Euro represents a remarkable triumph of political will, great pressures are building on the single currency. Drawing on more than 100 interviews with leading figures associated with the Euro, and scores of secret documents from international archives, Marsh underscores the Euro's importance for the global economy, in particular for U.S. and British economic and political agendas. Hidden facts and fresh insights from The Euro:--How the legacy of France and Germany's tortuous relations affects the Euro--Why the United Kingdom is unlikely to accept the Euro before 2025--The impact on the Euro of the U.S. credit crisis--How the Euro has rebounded against the aspirations of its founders--How Italy and Spain have massively lost competitiveness--Why radical changes must be adopted to prevent a European upheaval


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Global currencies conundrum
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ISBN: 3034317670 9783034317672 9783035306538 3035306532 Year: 2014 Publisher: Bern Peter Lang Ag

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This book discusses the emergence of a multi-polar currency system. With the US Dollar's hegemony as global reserve currency in question, it examines the role of the Federal Reserve in its decline, the emergence of the Euro in a multi-polar currency system and the Chinese influence in this most important policy arena. China's concerns about its US Dollar reserves are being amplified by the low returns of some of its investments in the United States. Today's reserve currency system effectively results in China lending to the US at very low interest rates. China needs to diversify out of the Dollar and it is this monetary policy that will fundamentally change the global currency scenario. China has been supportive of the Euro since its creation and is also lending support to the IMF's special drawing rights. At the same time, Chinese policy targets the internationalisation of the Renminbi and with that the creation of a multi-polar monetary order.

Special drawing rights and development; : an inquiry into the monetary aspects of a link between special drawing rights and development finance.
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ISBN: 9020702580 9789020702583 Year: 1971 Volume: 8 Publisher: Leiden, : Stenfert Kroese,

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