nach oben

Erschienen in:

2017 | OriginalPaper | Buchkapitel

7. Monetary Statecraft and Profits of Dollar Hegemony

verfasst von : Yang Li, Xiaojing Zhang

Erschienen in: Imbalance and Rebalance

Verlag: Springer Singapore

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config

KI-gestützte Suche

Aus

Abstract

Monetary statecraft, understood as efforts to influence the policies of other states by manipulating monetary conditions, has been a recurring feature of the global economy since World War II. At critical moments over the last four decades, the United States has exploited the vulnerability of countries in Europe and East Asia to changes in their currencies’ exchange rates vis-à-vis the dollar in an effort to extract policy adjustments from their governments and central banks. More successful in some episodes than in others, this “exchange-rate weapon” has played a central role in international conflicts over balance-of-payments adjustment.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Vorheriges Kapitel Two Myths of Rebalancing

Nächstes Kapitel International Monetary Policy Coordination: Theories and Reality

Henning (2006).

Bordo et al. (2011).

Greenspan (2000, p. 14).

Tan (2009).

See the Report on International Economy and Exchange Rate Policy issued by the U.S. Treasury Department on April, 1989.

However, the IMF has no right to force members to change their exchange rate policies.

Eichengreen (2011).

Bergsten F (ed) (2005) The United States and the world economy: foreign economic policy for the next decade (Chinese translation). Economic Science Press, Beijing

Bordo MD, Humpage OF, Schwartz AJ (2011) The Federal Reserve as an informed foreign—exchange trader: 1973–1995. Working Paper 1118, Federal Reserve Bank of Cleveland

Eichengreen B (2011) Exorbitant privilege: the rise and fall of the international monetary system. CITIC Press, Beijing

Ghironi F, Lee J, Rebucci A (2009) "The valuation channel of external adjustment", federal reserve bank of boston. Working paper No. 09–18

Gourinchas P-O, Rey H, Govillot N (2010) Exorbitant privilege and exorbitant duty, IMES Discussion Paper Series, 2010-E-20

Greenspan A (2000) FOMC transcripts, 3 Oct 2000, p 14

Habib MM (2010) Excess returns on net foreign assets: the exorbitant privilege from a global perspective. Working Paper Series 1158, European Central Bank

Henning CR (2006) The exchange-rate weapon and macroeconomic conflict. In: Andrews (ed) International monetary power, p 117

Housmann R, Sturzenegger F (2007) The valuation of hidden assets in foreign transactions: why "dark matters" matters, Bus Econ January 2007

Hudson M (2008) Super imperialism: the origin and fundamentals of U.S. world dominance (Chinese translation) (Jingrong Diguo: Jingrong Baquan de Laiyuan He Jichu). Central Compilation & Translation Press, Beijing, p 300

Mckinsey Global Institute (MGI) An exorbitant privilege? implications of reserve currencies for competitiveness, Discussion Paper, December 2009

Salvatore D (2001) Which countries in the Americas should dollarize? J Policy Model 23(2001):347–355

Tan T (2009) From ‘Monetary War’ to ‘Limited Cooperation’: Monetary Diplomacy of the U.S., Britain and France. World Hist 6

Titel: Monetary Statecraft and Profits of Dollar Hegemony
verfasst von: Yang Li
Xiaojing Zhang
Verlag: Springer Singapore
Buch: Imbalance and Rebalance
Print ISBN: 978-981-10-6149-3

Electronic ISBN: 978-981-10-6150-9

Copyright-Jahr: 2017
DOI: https://doi.org/10.1007/978-981-10-6150-9_7