
The Dollar Trap
Description
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The U.S. dollar's dominance seems under threat. The near collapse of the U.S. financial system in 2008-2009, political paralysis that has blocked effective policymaking, and emerging competitors such as the Chinese renminbi have heightened speculation about the dollar's looming displacement as the main reserve currency. Yet, as The Dollar Trap powerfully argues, the financial crisis, a dysfunctional international monetary system, and U.S. policies have paradoxically strengthened the dollar's importance.
Eswar Prasad examines how the dollar came to have a central role in the world economy and demonstrates that it will remain the cornerstone of global finance for the foreseeable future. Marshaling a range of arguments and data, and drawing on the latest research, Prasad shows why it will be difficult to dislodge the dollar-centric system. With vast amounts of foreign financial capital locked up in dollar assets, including U.S. government securities, other countries now have a strong incentive to prevent a dollar crash.
Prasad takes the reader through key contemporary issues in international finance-including the growing economic influence of emerging markets, the currency wars, the complexities of the China-U.S. relationship, and the role of institutions like the International Monetary Fund-and offers new ideas for fixing the flawed monetary system. Readers are also given a rare look into some of the intrigue and backdoor scheming in the corridors of international finance.
The Dollar Trap offers a panoramic analysis of the fragile state of global finance and makes a compelling case that, despite all its flaws, the dollar will remain the ultimate safe-haven currency.
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Content
Preface to the Paperback Edition xi
Preface xvii
PART ONE Setting the Stage
1. Prologue 3
2. What Is So Special about the Dollar? 11
PART TWO Building Blocks
3. The Paradox of Uphill Capital Flows 31
4. Emerging Markets Get Religion 47
5. The Quest for Safety 63
6. A Trillion Dollar Con Game? 89
PART THREE Inadequate Institutions
7. Currency Wars 125
8. Seeking a Truce on Currency Wars 158
9. It Takes Twenty to Tango 171
10. The Siren Song of Capital Controls 188
11. Safety Nets with Gaping Holes 201
PART FOUR Currency Competition
12. Is the Renminbi Ready for Prime Time? 229
13. Other Contenders Nipping at the Dollar's Heels 262
14. Could the Dollar Hit a Tipping Point and Sink? 283
15. Ultimate Paradox: Fragility Breeds Stability 299
Appendix 309
Notes 317
References 375
Acknowledgments 393
Index 395
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Copy protection: Watermark-DRM (Digital Rights Management)
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This eBook uses Watermark-DRM, a „soft” copy protection. This means that there are no technical restrictions to prevent illegal distribution. However, there is a personalised watermark embedded in the eBook that can be used to identify the purchaser of the eBook in the event of misuse and to provide evidence for legal purposes.
For more information, see our eBook Help page.
File format: ePUB
Copy protection: Watermark-DRM (Digital Rights Management)
System requirements:
- Computer (Windows; MacOS X; Linux): Use a reading software that can process the file format ePUB: e.g., Adobe Digital Editions or FBReader – both free (see eBook Help).
- Tablet/Smartphone (Android; iOS): Before downloading, install the free app Adobe Digital Editions (see eBook Help).
- E-reader: Bookeen, Kobo, Pocketbook, Sony, Tolino and many more (not Kindle).
The file format ePUB works well for novels and non-fiction books – i.e., „flowing” text without complex layout. On an e-reader or smartphone, line and page breaks automatically adjust to fit the small displays.
This eBook uses Watermark-DRM, a „soft” copy protection. This means that there are no technical restrictions to prevent illegal distribution. However, there is a personalised watermark embedded in the eBook that can be used to identify the purchaser of the eBook in the event of misuse and to provide evidence for legal purposes.
For more information, see our eBook Help page.