Currency power : understanding monetary rivalry / Benjamin J. Cohen.

Format:

Book

Author/Creator:

Cohen, Benjamin J., author.

Language:

English

Subjects (All):

Renminbi.

Euro.

Dollar, American.

International finance.

Money--Political aspects.

Money.

Physical Description:

1 online resource (xiv, 286 pages) : illustrations

Place of Publication:

Princeton, NJ : Princeton University Press, [2015]

Language Note:

English

Summary:

Monetary rivalry is a fact of life in the world economy. Intense competition between international currencies like the US dollar, Europe's euro, and the Chinese yuan is profoundly political, going to the heart of the global balance of power. But what exactly is the relationship between currency and power, and what does it portend for the geopolitical standing of the United States, Europe, and China? Popular opinion holds that the days of the dollar, long the world's dominant currency, are numbered. By contrast, Currency Power argues that the current monetary rivalry still greatly favors America's greenback. Benjamin Cohen shows why neither the euro nor the yuan will supplant the dollar at the top of the global currency hierarchy.Cohen presents an innovative analysis of currency power and emphasizes the importance of separating out the various roles that international money might have. After systematically exploring the links between currency internationalization and state power, Cohen turns to the state of play among today's top currencies. The greenback, he contends, is the "indispensable currency"-the one that the world can't do without. Only the dollar is backed by all the economic and political resources that make a currency powerful. Meanwhile, the euro is severely handicapped by structural defects in the design of its governance mechanisms, and the yuan suffers from various practical limitations in both finance and politics.Contrary to today's growing opinion, Currency Power demonstrates that the dollar will continue to be the leading global currency for some time to come.

Contents:

Frontmatter

Contents

Tables and Figures

Acknowledgments

Abbreviations and Acronyms

Introduction

1. International Currency

2. Power Analysis

3. Monetary Power

4. From Currency to Power

5. From Power to Currency

6. Currency Competition Today

7. The Dollar: Power Undiminished

8. The Euro: Power Unrealized

9. The Yuan: Power Unstoppable?

10. Summing Up

Notes

References

Index

Notes:

Pilot project,eBook available to selected US libraries only

Includes bibliographical references (pages 245-274) and index.

Description based on online resource; title from PDF title page (viewed on November 16, 2020)

Description based on publisher supplied metadata and other sources.

ISBN:

9781400873517

1400873517

OCLC:

916920220