The unloved dollar standard : from Bretton Woods to the rise of China

The unloved dollar standard : from Bretton Woods to the rise of China / Ronald I. McKinnon.

This study argues that rehabilitating the dollar standard requires that American monetary and financial policies be 'internationalized': the Federal Reserve should aim for greater exchange rate stability by adjusting interest rates to prevent runs for or against the dollar, while the U.S....

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Bibliographic Details
Main Author: McKinnon, Ronald I.
Format: eBook
Language:English
Published: New York : Oxford University Press, 2013.
Subjects:
Foreign exchange.
Dollar, American.
Money > United States.
Money > China.
Currency question.
Currency convertibility.
BUSINESS & ECONOMICS > Foreign Exchange.
Currency convertibility
Currency question
Dollar, American
Foreign exchange
Money
China
United States
Online Access:Click for online access
Table of Contents:
  • Introduction: The Unloved Dollar Standard.
  • Part I. The International Money Machine. The Dollar's Facilitating Role as International Money Today ; The Dollar as a Worldwide Nominal Anchor: The Federal Reserve's Insular Monetary Policy from 1945 to the late 1960s ; The Slipping Anchor 1971 to 2008: The Nixon, Carter, and Greenspan Shocks ; The Bernanke Shock 2008?12: Interest Differentials, Carry Trades, and Hot Money Flows.
  • Part II. Trade Imbalances. The United States' Saving Deficiency, Current Account Deficits, and De-Industrialization ; Exchange Rates and Trade Balances under the Dollar Standard (Helen Qiao) ; Why Exchange Rates Changes Need Not Correct Global Trade Imbalances ; The Transfer Problem in Reducing the U.S. Current Account Deficit.
  • Part III. China: Adjusting to the Dollar Standard. High Wage Growth under Stable Dollar Exchange Rates: Japan 1950-1971, and China 1994-2011 ; Currency Mismatches on the Dollar's Periphery: Why China as an Immature Creditor Cannot Float Its Exchange Rate ; China and Its Dollar Exchange Rate: A Worldwide Stabilizing Influence? (with Gunther Schnabl).
  • Part IV. International Monetary Reform. Rehabilitating the Dollar Standard and the Role of China.

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