Unfinished Business: The Unexplored Causes of the Financial Crisis and the Lessons Yet to be Learned | Clashing over Commerce: A History of US Trade Policy (Markets and Governments in Economic History) | Straight Talk on Trade: Ideas for a Sane World Economy | Economics for the Common Good | Capitalism without Capital: The Rise of the Intangible Economy | The Square and the Tower: Networks and Power, from the Freemasons to Facebook | Skin in the Game: Hidden Asymmetries in Daily Life
A powerful new understanding of global currency trends, including the rise of the Chinese yuan
At first glance, the modern history of the global economic system seems to support the long-held view that the leading world powerâs currencyâthe British pound, the U.S. dollar, and perhaps someday the Chinese yuanâinvariably dominates international trade and finance. 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 ChiÅ£u argue for a new view, in which several national monies can share international currency status, and their importance can change rapidly. 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. They show that multiple international and reserve currencies have in fact coexisted in the pastupending the traditional view of the British poundâs dominance prior to 1945 and the U.S. dollarâs dominance more recently.
Looking forward, the book tackles the implications of this new framework for major questions facing the future of the international monetary system, from whether the euro and the Chinese yuan might address their respective challenges and perhaps rival the dollar, to how increased currency competition might affect global financial stability.
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