University of California Economics Professor Barry Eichengreen discusses what factors could lead to the rise or fall of the U.S. dollar and the future of other international currencies.
Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System, by Barry Eichengreen, Oxford University Press.
Book discussion at the IMF:
Discussants --
Min Zhu, Deputy Managing Director
James Boughton, Fund Historian, Moderator
Barry Eichengreen, Professor of Economics and Political Science, University of California, Berkeley
Ted Truman, Senior Fellow, Peterson Institute
Isabelle Mateos y Lago, Advisor, Strategy, Policy, and Review Department
James Boughton, Fund Historian, Moderator
Barry Eichengreen, Professor of Economics and Political Science, University of California, Berkeley
Ted Truman, Senior Fellow, Peterson Institute
Isabelle Mateos y Lago, Advisor, Strategy, Policy, and Review Department
Eichengreen’s new work challenges the view of inertia in the international monetary system, arguing that the dollar overtook the pound sterling in just one decade following the formation of the U.S. Federal Reserve. As such, the system can evolve quickly. Like the dollar one hundred years ago, once the prerequisites are in place, currencies of economies that are large and important in global trade and finance can internationalize rapidly.
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