Our dollar, your problem : an insider's view of seven turbulent decades of global finance, and the road ahead / Kenneth Rogoff.

Format:

Book

Author/Creator:

Rogoff, Kenneth S., author.

Series:

Henry L. Stimson lectures, Yale University

The Henry L. Stimson lectures series

Language:

English

Subjects (All):

Monetary policy--United States.

Monetary policy.

Currency question--United States.

Currency question.

Dollar, American.

Money.

United States--Foreign economic relations.

United States.

United States--Economic conditions.

Finance.

finance.

Physical Description:

xiii, 345 pages : illustrations, maps ; 25 cm

Other Title:

Insider's view of seven turbulent decades of global finance, and the road ahead

Place of Publication:

New Haven : Yale University Press, [2025]

Summary:

"Our 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 inter-est 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 frus-trated 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."--Book jacket.

Contents:

Introduction: The making of a dominant currency

Part 1. Past challengers to dollar dominace. The Soviet challenge

Japan and the Yen

The single currency in Europe

Part 2. China: the present-day challenger. This time is different

Zhu Rongji's uncanny forecasts

The People's Bank of China

Prelude to crisis

The end of high growth

The inevitability of dollar decoupling

Part 3. Everyone else's problem: living with the dollar. The lure of fixed exchange rates

Hyperinflation

When exchange rate pegs outlive their shelf life

Lebannon and Argentina: Unique or prototypical?

The Tokyo consensus

Fixed exchange rates redux

Part 4. Alternative currencies. Global currencies

Cryptocurrencies and the future of money

Central Bank digital currencies

Part 5. The perks and burdens of being the dominant currency. Perks of currency dominance

Exorbitant privilege or taxation without representation?

Small ways the United States helps countries deal with dollar dominance

Costs of being a dominant currency

Part 6. Peak dollar dominace. Central Bank independence: The bulwark of currency dominance

Debtor's empire: The United States' achilles' heel

The siren call of 'lower forever' interest rates

The end of the Pax Dollar Era?

Notes

Acknowledgments

Index.

Notes:

Includes bibliographical references (pages 293-331) and index.

ISBN:

9780300275315

0300275315

OCLC:

1464950090