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The Unloved Dollar Standard
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The Unloved Dollar Standard: From Bretton Woods to the Rise of China

Ronald I. McKinnon

Abstract

An accident of history, the international dollar standard has greatly facilitated multilateral trade and exchange since 1945. But beginning in 1971, erratic U.S. monetary and exchange rate policies have upset the world’s macro economy so as to make foreigners unhappy. Paradoxically, the asymmetrical nature of the dollar standard also makes Americans unhappy because they cannot control their own exchange rate. Although nobody loves the dollar standard, it is a remarkably robust institution that is too valuable to lose and too difficult to replace. Today, rehabilitating the dollar standard requi ... More

Keywords: dollar standard, emerging markets, capital controls, interest differentials, exchange rates, carry trades, China

Bibliographic Information

Print publication date: 2012 Print ISBN-13: 9780199937004
Published to Oxford Scholarship Online: January 2013 DOI:10.1093/acprof:oso/9780199937004.001.0001

Authors

Affiliations are at time of print publication.

Ronald I. McKinnon, author
Stanford University

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