How Global Currencies Work: Past, Present, and Future

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Description

A powerful new understanding of global currency trends, including the upward thrust of the Chinese yuan

At first glance, the modern history of the global economic system seems to enhance the long-held view that the leading world power’s currency―the British pound, the U.S. dollar, and perhaps sooner or later the Chinese yuan―invariably dominates international trade and finance. In How Global Currencies Work, three noted economists provide a reassessment of this history and the theories in the back of the conventional wisdom.

Offering a new history of global finance over the last two centuries, and marshaling extensive new data to test established theories of how global currencies work, Barry Eichengreen, Arnaud Mehl, and Livia Chiţu argue for a new view, in which several national monies can share international currency status, and their importance can change abruptly. 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 more than one international and reserve currencies have if truth be told coexisted in the pastupending the traditional view of the British pound’s dominance prior to 1945 and the U.S. dollar’s dominance more recently.

Looking forward, the book tackles the implications of this new framework for major questions facing the way forward for 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 have an effect on global financial stability.

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