{"product_id":"the-unloved-dollar-standard-9780199937004","title":"The Unloved Dollar Standard","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eThe world dollar standard is an accident of history that greatly facilitates international trade and exchange-even trade not directly involving the United States. Since 1945, the dollar has been the key currency for clearing international payments among banks including interventions by governments to set exchange rates, the dominant currency for invoicing trade in primary commodities, and the principal currency in official exchange reserves. Although the strong network effects of the dollar standard greatly increases the financial efficiency of multilateral trade, nobody loves it. Erratic U.S. monetary and exchange rate policies have continually made foreigners unhappy. A weak and falling dollar led to the worldwide price inflations of the 1970s and contributed to the disastrous asset bubbles and global credit crisis of the noughties -- including the global credit crunch of 2008-09. Dollar weakness aggravated the postwar world''s three great oil shocks in 1973, 1979, and 2007-08. After\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003eRonald McKinnon is a seminal figure in the development of modern international monetary economics, but also an iconoclast with a distinctive view. This book is as good a summary statement as any of 'McKinnonomics.' Well worth reading as always. * Barry Eichengreen, George C. Pardee \u0026amp; Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley *\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e1.  Introduction: The Unloved Dollar Standard ; I. The International Money Machine ; 2.  The Dollar's Facilitating Role as International Money Today ; 3.  The Dollar as a Worldwide Nominal Anchor: The Federal Reserve's Insular Monetary Policy ; from 1945 to the late 1960s ; 4. The Slipping Anchor 1971 to 2008: The Nixon, Carter, and Greenspan Shocks ; 5. The Bernanke Shock 2008?12: Interest Differentials, Carry Trades, and Hot Money Flows ; II. Trade Imbalances ; 6. The United States' Saving Deficiency, Current Account Deficits, and De-Industrialization ; 7. Exchange Rates and Trade Balances under the Dollar Standard (Helen Qiao) ; 8. Why Exchange Rates Changes Need Not Correct Global Trade Imbalances ; 9. The Transfer Problem in Reducing the U.S. Current Account Deficit ; III. China: Adjusting to the Dollar Standard ; 10.  High Wage Growth under Stable Dollar Exchange Rates: Japan 1950-1971, and ; China 1994-2011. ; 11. Currency Mismatches on the Dollar's Periphery: Why China as an Immature ; Creditor Cannot Float Its Exchange Rate ; 12. China and Its Dollar Exchange Rate: A Worldwide Stabilizing Influence? (with ; Gunther Schnabl) ; IV. International Monetary Reform ; 13. Rehabilitating the Dollar Standard and the Role of China","brand":"Oxford University Press Inc","offers":[{"title":"Default Title","offer_id":51767096279383,"sku":"9780199937004","price":45.59,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780199937004.jpg?v=1758712320","url":"https:\/\/bookcurl.com\/products\/the-unloved-dollar-standard-9780199937004","provider":"Book Curl","version":"1.0","type":"link"}