How Global Currencies Work: Past, Present, and Future
| Author | : | |
| Rating | : | 4.68 (614 Votes) |
| Asin | : | 0691177007 |
| Format Type | : | paperback |
| Number of Pages | : | 272 Pages |
| Publish Date | : | 2016-02-09 |
| Language | : | English |
DESCRIPTION:
Barry Eichengreen and his coauthors present thorough and telling evidence that the historical reality is that multiple currencies play consequential roles in international trade and finance--and that lock-in effects and persistence are not as strong as traditionally assumed. It should be read by everyone interested in the monetary history of the past two centuries."--Charles Goodhart, London School of Economics and Political Science"This eloquent and learned book will become the standard--perhaps one should say the gold standard--for discussions of international currency regimes, and for the analysis of the uncertainties that accompany changing g
His books include Hall of Mirrors, Exorbitant Privilege, Globalizing Capital, and The European Economy since 1945. Livia Chiu is an economist at the European Central Bank. Arnaud Mehl is principal economist at the European Central Bank. Pardee Professor of Economics and Political Science at the University of California, Berkeley.
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. 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 currencythe British pound, the U.S. dollar, and perhaps someday the Chinese yuaninvariably dominates international trade and finance. 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.. 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 1