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A powerful new understanding of global currency trends, including the rise of the Chinese yuanAt 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.

Valute. --- Money. --- International finance. --- Account (accountancy). --- Annual report. --- Asset. --- Balance sheet. --- Bank for International Settlements. --- Bank of England. --- Bank of Japan. --- Bank rate. --- Bank. --- Barry Eichengreen. --- Bond (finance). --- Bretton Woods system. --- Canadian dollar. --- Capital control. --- Capital market. --- Central bank. --- Commodity. --- Credibility. --- Credit (finance). --- Credit risk. --- Currency Internationalization. --- Currency competition. --- Currency swap. --- Currency. --- Current account. --- Customer. --- Debt. --- Deflation. --- Determinant. --- Deutsche Mark. --- Devaluation. --- Discounts and allowances. --- Economics. --- Economist. --- Economy. --- Endogeneity (econometrics). --- Estimation. --- European Central Bank. --- Exchange rate. --- Export. --- Federal Reserve Bank. --- Fiat money. --- Finance. --- Financial crisis. --- Financial deepening. --- Financial institution. --- Financial transaction. --- Foreign Exchange Reserves. --- Foreign direct investment. --- Foreign exchange market. --- French franc. --- Gold reserve. --- Gold standard. --- Government debt. --- Gross world product. --- Import. --- Inflation. --- Institution. --- Interest rate. --- International Monetary Fund. --- International monetary systems. --- International trade. --- Internationalization. --- Investment. --- Investor. --- Invoice. --- Issuer. --- Liberalization. --- Local currency. --- Market capitalization. --- Market liquidity. --- Market participant. --- Monetary policy. --- Money market. --- Natural monopoly. --- Network effect. --- Payment. --- Pound sterling. --- Receipt. --- Renminbi. --- Reserve currency. --- Securitization. --- Security (finance). --- Sterling area. --- Store of value. --- Supply (economics). --- Swiss franc. --- Tax. --- Trade credit. --- Treasury Bill. --- U.S. Bancorp. --- Underwriting. --- Unit of account. --- United States dollar. --- Valuation effects. --- World War II. --- World currency. --- World economy.

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Fiscal crises and sovereign default repeatedly threaten the stability and growth of economies around the world. Mark Aguiar and Manuel Amador provide a unified and tractable theoretical framework that elucidates the key economics behind sovereign debt markets, shedding light on the frictions and inefficiencies that prevent the smooth functioning of these markets, and proposing sensible approaches to sovereign debt management. 'The Economics of Sovereign Debt and Default' looks at the core friction unique to sovereign debt - the lack of strong legal enforcement - and goes on to examine additional frictions such as deadweight costs of default, vulnerability to runs, the incentive to 'dilute' existing creditors, and sovereign debt's distortion of investment and growth.

BUSINESS & ECONOMICS / Economics / Macroeconomics. --- Debts, External. --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- Debt --- International finance --- Investments, Foreign --- Debts, Public. --- Default (Finance) --- Finance --- Finance, Public --- Repudiation --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Bonds --- Deficit financing --- 1997 Asian financial crisis. --- Auction. --- Balance of trade. --- Bank rate. --- Bond (finance). --- Bond market. --- Capital market. --- Capitalism. --- Central bank. --- Competition (economics). --- Consumer price index. --- Consumption (economics). --- Convergence (economics). --- Coordination failure (economics). --- Cost of capital. --- Credit (finance). --- Credit default swap. --- Credit risk. --- Creditor. --- Currency. --- Debt Issue. --- Debt crisis. --- Debt limit. --- Debt overhang. --- Debt ratio. --- Debt. --- Default (finance). --- Economic equilibrium. --- Economic liberalization. --- Economic planning. --- Economic policy. --- Economics. --- Economy. --- Equity Market. --- Equity ratio. --- European debt crisis. --- Eurozone. --- Exchange rate. --- External debt. --- Finance. --- Financial Account. --- Financial Times. --- Financial crisis of 2007–08. --- Financial crisis. --- Financial engineering. --- Financial fragility. --- Fiscal policy. --- Foreign Exchange Reserves. --- Foreign direct investment. --- Government bond. --- Government budget balance. --- Government budget. --- Government debt. --- Haircut (finance). --- Hedge (finance). --- Hedge fund. --- High-yield debt. --- Incremental capital-output ratio. --- Inflation. --- Institutional investor. --- Insurance. --- Interest rate. --- International Monetary Fund. --- Investment goods. --- Investment. --- Macroeconomics. --- Market economy. --- Market liquidity. --- Market mechanism. --- Market price. --- Market value. --- Money management. --- Money market. --- Neoclassical economics. --- Net capital outflow. --- Net foreign assets. --- Payment. --- Political economy. --- Price Change. --- Probability of default. --- Profit (economics). --- Public finance. --- Real interest rate. --- Repayment. --- Return on capital. --- Revaluation of fixed assets. --- Risk premium. --- Risk-Return Tradeoff. --- Securitization. --- Stock market index. --- Stock market. --- Supply (economics). --- Swap (finance). --- Tax revenue. --- Trade credit. --- Trader (finance). --- Trading nation. --- United States Treasury security. --- World Bank. --- World economy.