Our Dollar, Your Problem : An Insider's View of Seven Turbulent Decades of Global Finance, and the Road Ahead.

Format:

Book

Author/Creator:

Rogoff, Kenneth.

Series:

The Henry L. Stimson Lectures Series

Language:

English

Subjects (All):

Monetary policy.

Currency question.

Money.

Dollar, American.

Finance.

United States--Economic conditons.

United States.

Genre:

Informational works

Physical Description:

1 online resource (360 pages)

Edition:

1st ed.

Place of Publication:

2025.

New Haven : Yale University Press, 2025.

Summary:

A leading economist explores the global rise of the U.S. dollar and shows why its future stability is far from assuredOur Dollar, Your Problem argues that America’s currency might not have reached today’s lofty pinnacle without a certain amount of good luck. Drawing in part on his own experiences, including with policymakers and world leaders, Kenneth Rogoff animates the remarkable postwar run of the dollar—how it beat out the Japanese yen, the Soviet ruble, and the euro—and the challenges it faces today from crypto and the Chinese yuan, the end of reliably low inflation and interest rates, political instability, and the fracturing of the dollar bloc. Americans cannot take for granted that the Pax Dollar era will last indefinitely, not only because many countries are deeply frustrated with the system, but also because overconfidence and arrogance can lead to unforced errors. Rogoff shows how America’s outsized power and exorbitant privilege can spur financial instability—not just abroad but also at home.

Contents:

Frontmatter

CONTENTS

PREFACE

CHAPTER 1 INTRODUCTION

PART I PAST CHALLENGERS TO DOLLAR DOMINANCE

CHAPTER 2 THE SOVIET CHALLENGE

CHAPTER 3 JAPAN AND THE YEN

CHAPTER 4 THE SINGLE CURRENCY IN EUROPE

PART II CHINA

CHAPTER 5 THIS TIME IS DIFFERENT

CHAPTER 6 ZHU RONGJI’S UNCANNY FORECASTS

CHAPTER 7 THE PEOPLE’S BANK OF CHINA

CHAPTER 8 PRELUDE TO CRISIS

CHAPTER 9 THE END OF HIGH GROWTH

CHAPTER 10 THE INEVITABILITY OF DOLLAR DECOUPLING

PART III EVERYONE ELSE’S PROBLEM

CHAPTER 11 THE LURE OF FIXED EXCHANGE RATES

CHAPTER 12 HYPERINFLATION

CHAPTER 13 WHEN EXCHANGE RATE PEGS OUTLIVE THEIR SHELF LIFE

CHAPTER 14 LEBANON AND ARGENTINA Unique or Prototypical?

CHAPTER 15 THE TOKYO CONSENSUS

CHAPTER 16 FIXED EXCHANGE RATES REDUX

PART IV ALTERNATIVE CURRENCIES

CHAPTER 17 GLOBAL CURRENCIES

CHAPTER 18 CRYPTOCURRENCIES AND THE FUTURE OF MONEY

CHAPTER 19 CENTRAL BANK DIGITAL CURRENCIES

PART V THE PERKS AND BURDENS OF BEING THE DOMINANT CURRENCY

CHAPTER 20 PERKS OF CURRENCY DOMINANCE

CHAPTER 21 EXORBITANT PRIVILEGE OR TAXATION WITHOUT REPRESENTATION?

CHAPTER 22 SMALL WAYS THE UNITED STATES HELPS COUNTRIES DEAL WITH DOLLAR DOMINANCE

CHAPTER 23 COSTS OF BEING A DOMINANT CURRENCY

PART VI PEAK DOLLAR DOMINANCE

CHAPTER 24 CENTRAL BANK INDEPENDENCE

CHAPTER 25 DEBTOR’S EMPIRE

CHAPTER 26 THE SIREN CALL OF “LOWER FOREVER” INTEREST RATES

CHAPTER 27 THE END OF THE PAX DOLLAR ERA?

NOTES

ACKNOWLEDGMENTS

INDEX

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

9780300283716

0300283717

OCLC:

1513534251