How Global Currencies Work: Past, Present, and Future
| Author | : | |
| Rating | : | 4.88 (785 Votes) |
| Asin | : | 0691177007 |
| Format Type | : | paperback |
| Number of Pages | : | 272 Pages |
| Publish Date | : | 2016-08-04 |
| Language | : | English |
DESCRIPTION:
Barry Eichengreen is the George C. His books include Hall of Mirrors, Exorbitant Privilege, Globalizing Capital, and The European Economy since 1945. . Pardee Professor of Economics and Political Science at the University of California, Berkeley. Arnaud Mehl is principal economist a
From the Back Cover"This book will come to be known as the one that challenged the old, winner-takes-all view of international currency competition and established the new view. As their historical but highly topical research establishes, there can be more than one global (or ‘reserve’) currency at any one time, as has often been the case in the modern world. This is very welcome, indeed."--Sebastian Edwards, University of California, Los Angeles. In short, this a must-read for all economists interested in international macroeconomics and finance."--Richard Baldwin, Graduate Institute of International and Development Studies, Geneva"Barry Eichengreen, our pre-eminent international monetary historian, and his coauthors have written a great book around the central theme that there have almost always been multiple rival international currencies and that the advantages of being the world’s lead currency a
In How Global Currencies Work, three noted economists provide a reassessment of this history and the theories behind the conventional wisdom.Offering a new history of global finance over the past two centuries, and marshaling extensive new data to test established theories of how global currencies work, Barry Eichengreen, Arnaud Mehl, and Livia Chiu argue for a new view, in which several national monies can share international currency status, and their importance can change rapidly. 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 1945 and the U.S. 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. dollar’s dominance more recently.Looking forward, the book tackles the implications of this new framework for major questions faci