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The Exhaustion of the Dollar : Its Implications for Global Prosperity - H. Gray

The Exhaustion of the Dollar

Its Implications for Global Prosperity

By: H. Gray

Hardcover Published: 29th June 2004
ISBN: 9781403918857
Number Of Pages: 215

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The US dollar has served as the key currency of the international economic/financial system for over fifty years. This study assesses the proposition that the series of US current-account deficits over the last twenty years will shortly exhaust the capability of the dollar to continue as the key currency. The evidence in support of the proposition is strong. The implications of exhaustion will be serious and need to be addressed quickly.

'Peter Gray presents a succinct story about the decline and fall of the U.S. dollar as a reserve currency, and the problems of developing an alternative arrangement that would facilitate international payments. Gray sketches the transition problem associated with the decline from a U.S. external payments position characterized by a current account deficit of six percent of GDP to a much smaller sustainable value.' - Robert Z. Aliber, Professor of International Economics and Finance Emeritus, Graduate School of Business, University of Chicago, USA



'In this study of the role of the US dollar within the global economic system, Peter Gray provides a masterly account, which should be of interest to academic economists and policy-makers alike. It is particularly timely to have such a thorough analysis of the logic of, and latest developments in, the international monetary system, whose reliance on one key currency creates such systemic problems.' - Sheila C. Dow, Department of Economics, University of Stirling, UK

Preface to the Paperback
Foreword
Introduction
The Purpose and Three Propositions
How a Hegemonic System Works
Background Concepts and Relationships in a Globalized World
A Theory of Balance-of-Payments Adjustment for the Hegemon
A Model of Instability in Asset Markets
Exhaustion: Soft, Hard or Very Hard Landing?
The Data
Assessing Propositions One and Two
The Efficiency of Adjustment
Confronting The Future
Policy Options and Constraints
The Transition Problem
A Proposed Agenda for Redesign
Concluding Assessment
The Grim Prospect Ahead
The Implications of the Increasing U.S. International Dissaving in 2003 and 2004 Preface to the Paperback
Foreword
Introduction
The Purpose and Three Propositions
How a Hegemonic System Works
Background Concepts and Relationships in a Globalized World
A Theory of Balance-of-Payments Adjustment for the Hegemon
A Model of Instability in Asset Markets
Exhaustion: Soft, Hard or Very Hard Landing?
The Data
Assessing Propositions One and Two
The Efficiency of Adjustment
Confronting the Future
Policy Options and Constraints
The Transition Problem
A Proposed Agenda for Redesign
Concluding Assessment
The Grim Prospect Ahead
The Implications of the Increasing U.S. International Dissaving in 2003 and 2004
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9781403918857
ISBN-10: 1403918856
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 215
Published: 29th June 2004
Publisher: Palgrave USA
Country of Publication: US
Dimensions (cm): 21.6 x 14.0  x 1.78
Weight (kg): 0.41
Edition Number: 1