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Exorbitant Privilege: The Rise and Fall of the Dollar par [Eichengreen, Barry]
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Exorbitant Privilege: The Rise and Fall of the Dollar Format Kindle

5.0 étoiles sur 5 1 commentaire client

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Longueur : 224 pages Word Wise: Activé Composition améliorée: Activé
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Description du produit

Revue de presse

A brisk and invigorating account of a century of international monetary developments ... extremely well informed, cogently argued...erudite and readable. (Andrea Boltho, New Left Review)

incredibly relevant work (Business Destinations)

Short and eminently readable...In just 177 pages of text, [Eichengreen] provides a wealth of material for both the lay reader and the scholar...You can't do better than Eichengreen for a solid read on the dollar's wild ride. (American Prospect)

A truly superb book on the role and global standing of the dollar--past, present and future. Those exposed to the evolution of the global economy, and that's virtually all of us, will find his book extremely thoughtful and a great read.' (Mohamed El-Erian, CEO and co-CIO of PIMCO)

A fascinating and readable account of the dollar's rise and potential fall, (The Economist)

A rare combination of macroeconomic mastery, historical erudition, good political instincts and the sort of stubborn common sense that is constantly placing familiar problems in a new light. (Christopher Caldwell, Financial Times)

Timely.. elegant and pithy. (Harold James, Finance and Development,)

Présentation de l'éditeur

For more than half a century, the dollar has been not just America's currency but the world's. It is used globally by importers, exporters, investors, governments and central banks alike. This singular role of the dollar is a source of strength for the United States. It is, as a critic of U.S. policies once put it, America's "exorbitant privilege." But now, with U.S. budget deficits extending as far as the eye can see, holding dollars is viewed as a losing
proposition. Some say that the dollar may soon cease to be the world's standard currency, which would depress U.S. living standards and weaken the country's international influence.

In Exorbitant Privilege, one of our foremost economists, Barry Eichengreen, traces the rise of the dollar to international prominence. He shows how the greenback dominated internationally in the second half of the 20th century for the same reasons that the United States dominated the global economy. But now, with the rise of China, India, Brazil and other emerging economies, America no longer towers over the global economy. It follows, Eichengreen argues, that the dollar will not be
as dominant. But this does not mean that coming changes need be sudden and dire DL or that the dollar is doomed to lose its international status. Challenging the presumption that there is room for only one true global currency, Eichengreen shows that several currencies have regularly shared this role. What was
true in the distant past will be true, once again, in the not-too-distant future. The dollar will lose its international currency status, Eichengreen warns, only if the United States repeats the mistakes that led to the financial crisis and only if it fails to put its fiscal and financial house in order.

Incisive, challenging and iconoclastic, Exorbitant Privilege, is a fascinating analysis of the changes that lie ahead. It is a challenge, equally, to those who warn that the dollar is doomed and to those who regard its continuing dominance as inevitable.

Détails sur le produit

  • Format : Format Kindle
  • Taille du fichier : 850 KB
  • Nombre de pages de l'édition imprimée : 224 pages
  • Pagination - ISBN de l'édition imprimée de référence : 0199753784
  • Editeur : OUP Oxford (24 février 2011)
  • Vendu par : Amazon Media EU S.à r.l.
  • Langue : Anglais
  • ASIN: B005RBU42Q
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  • Moyenne des commentaires client : 5.0 étoiles sur 5 1 commentaire client
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Professor Laurent Estachy of Euromed Kedge Business School, France recommended this book as reference during his course on Multinational Finance in the winter of 2012. The book is a concise history of the dollar's rise to its current status as the dominant currency in international trade. Carefully read, this work helps one understand challenges faced by world's mature and upcoming economies in their quest for growth, employment, and laying the foundations of sustainable economic progress.
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Amazon.com: 4.1 étoiles sur 5 64 commentaires
1 internautes sur 1 ont trouvé ce commentaire utile 
4.0 étoiles sur 5 A Short History of the Greenback 29 janvier 2015
Par Mark Calabria - Publié sur Amazon.com
Format: Relié Achat vérifié
This short, accessible book about the U.S. dollar may be one of the most important published in the last few years. Whether the dollar remains king will have a tremendous impact on American businesses, and some will lose, and others will gain. Just as importantly, the relative strength of the buck will help determine the fiscal options available to the U.S. government in the years ahead.

Most of Exorbitant Privilege is spent building a historical foundation for Eichengreen’s conclusions and predictions regarding the global status of the dollar. The author takes the reader on a quick tour of early American monetary history, from the use of commodity monies, such as wampum or tobacco, to the growing use of coins and paper money, whether in the form of “continentals” during the American Revolution or Spanish silver pesos, the most important global currency from about 1550 to 1850. This history serves to remind us that the dominance of the dollar even in the U.S. was a relatively recent affair.

We witness the birth of dollar dominance with the creation of the first and second Bank of the United States, and then with the founding of the Federal Reserve System in 1913. The link between the rise of the dollar and the Fed’s creation of a New York-based market in trade acceptances to rival London’s is one of the book’s most important insights. If China is determined to dethrone the dollar, Eichengreen’s analysis of how the greenback overpowered the pound comes close to providing a how-to.

History reminds us that the pound sterling did not go down without a fight. The final struggle began in July 1944, in Bretton Woods, N.H., at the international conference held to establish a new monetary order. The initial design of Bretton Woods was relatively neutral regarding currencies, due to the efforts of Britain’s chief negotiator, economist John Maynard Keynes, who held out hope for a revival of the pound. But the Bretton Woods process quickly morphed into a dollar-backed reserve system.

Keynes’ hope for the pound did not truly die until well after his own death, when the 1956 Suez Crisis finally exposed the hollow foundation underlying both the British economy and its political influence. The history of Britain’s extended overseas engagements and the related demise of the pound as a dominant currency should serve as a warning to the U.S.

Central to Eichengreen’s analysis is what became known as the “Triffin Dilemma,” named after economist Robert Triffin, who warned in 1947 that a system in which the U.S. promised to provide two reserve assets—dollars that were then convertible into gold at a fixed exchange rate—would be doomed as long as the supply of one of these (dollars) was elastic, while the other (gold) was not. For global trade to flourish, the U.S. would be obligated to provide an almost unlimited amount of dollars. Yet that would be inconsistent with dollar convertibility into a fixed price of gold, a contradiction that led to President Nixon’s abandonment in 1971 of the dollar-gold link.

In one of the book’s few weak spots, the author repeats the flawed conventional wisdom about deregulation and derivatives causing the 2008 financial crisis. But he does explain how global capital flows increased liquidity in the U.S. and reduced interest rates, contributing to the housing bubble.

The history lesson eventually brings us to the current state of the dollar and its future path. Since the benefits of being the world’s primary reserve currency are vast but also nearly invisible to the non-economist, the analysis of these benefits, and their potential to be lost, relates the discussion back to the everyday decisions of businesses, households and governments. When the dollar is eventually forced to take a lesser role in world affairs, international demand for the dollar will decline, pushing up interest rates and reducing American living standards, particularly America’s ability to consume beyond its means.

That holds doubly true for America’s government. As Eichengreen argues, the dollar is likely to fall in prominence, but the extent of that fall, and whether it is simply to become an equal with the euro and the Chinese renminbi, is open to question. Much depends on budgetary policy. The longer we delay getting our fiscal house in order, the greater the dollar’s decline.
3.0 étoiles sur 5 Tedious and dense 19 juillet 2016
Par Rbpercussion - Publié sur Amazon.com
Format: Broché Achat vérifié
Not a book you can pick up and learn deeply from. Rather a history book for more than the first half of it. Doesn't explain topics very well(although that might not be necessary for every reader) and when it does give a little background into the how and why, it is so short lived as to be unnoticed. It reads more like "at first, and then, and then, but then, and then again" I saw a recommendation somewhere as a good book in understanding forex trading but I'm heavily disappointed. This book is for someone with an already established international finance knowledge, not someone who only knows a little. It doesn't need jargon because there aren't words other than the ones he uses to describe the necessarily complex material found within it. If you don't already thoroughly understand how international currencies work and how international economics works then this book will be of no avail in your quest for understanding. If on the other hand you are well versed and you like history lessons on especially boring crap, this might be the book for you. But I doubt it
3.0 étoiles sur 5 Bedtime reading 2 décembre 2016
Par Jack Wilshere - Publié sur Amazon.com
Format: Relié Achat vérifié
I couldn't finish this book. I really enjoy history and markets and I was excited to read about currencies. The most fascinating part of the story for me was the trouble the French had with the franc during the Algerian crisis of the late 1950's. That story alone sent me on a deep dive into the history of the Algerian revolution, the collapse of the French government and the return of de Gaulle to power. Oh, yeah, this was a review about Eichengreen's book. Sorry, I went off on a tangent.

After a brisk walk through the history of the pound, the ascendancy of the dollar, and the collapse of the gold standard, I simply lost interest halfway through. I read the book around bedtime and quickly found myself nodding off.
5.0 étoiles sur 5 Could be the core text of a college course 15 février 2016
Par Hobbes - Publié sur Amazon.com
Format: Broché Achat vérifié
Almost any single page of this remarkable book would be worth a whole book unto itself. Professor Eichengreen manages to condense enormous (and occasionally catastrophic) events into an incredibly brief and well-paced 10,000-foot view of the history of America's legal tender for all debts, etc. Be warned, however, that although concise, the sheer density of the material makes for challenging reading. This is not a book to consume in a couple of sittings, but rather, a thoughtful and hefty tome (at 189 pages) that is best read slowly, with care and attention to the detail behind the near-perfect-pitch narrative. If you're looking for a general introduction to how the dollar got to where it is today, "Exorbitant Privilege" is an excellent starting point.
4 internautes sur 4 ont trouvé ce commentaire utile 
5.0 étoiles sur 5 Excellent history of our current monetary regime and practical overview of where we stand today 8 mai 2011
Par A. Menon - Publié sur Amazon.com
Format: Relié Achat vérifié
Recent events have yet again brought the focus of many of us on the dollar and where it stands and where it is going. The Exorbitant Privilige provides both a history and a grounding in the reason for the current status quo, its challenges as well as the myths many of us are told regularly. It comprehensively discusses historical examples of other regimes with similar dominance (sterling), the history of the Euro, the challenges of the RMB and the stengths and weaknesses of the dollar. The book is presented as a history of our monetary regimes and its conclusions are come to with history as a guide and practical economic reasoning providing the logical steps. It is insightful and most importantly firmly grounded in reality.

The book starts out with US monetary history and goes through the advocates and skeptics of a US central bank and the early monetary structure of the US. It leads the reader through the boom bust cycles that repeated with frequency culminating in the panic of 1907 which provided the motivation to create the federal reserve system. The status of the sterling is discussed and the strengths of the Bank of England are discussed to give a background of the importance of having economic power as well as a centralized monetary authority as a combination required to be a global currency. The relative rise of the dollar is described post WWI as us industrial power and financial strength was evidently leaned on by continental europe. The problems with the gold standard became apparant post the crash of the roaring 20s and the depression and its repurcussions were explored in particular the global reserves of central banks receded with trade protectionism reducing the need for a global currency. The dollars rise is then detailed in the aftermath of WWII when again the US was at its height of relative economic strength and bargaining power.

With the backdrop of Bretton Woods, the new monetary regime history is detailed. The strains it created by requiring imbalances, the cycles of faith in the currency as a function of US fiscal budgetary actions (ie pressure during wartime events and confidence problems during stagflation). It is refreshing to hear how so much current sentiment and solutions (SDR-s for example) have ample history and historical fears arguments seem to resurface today with the same vigor of the past. The rise of the desire for European monetary unity is detailed, along with the differing desires for the different members. Finally the rise of China is detailed.

The book provides a really amazing concise overview of the multipolar world we now live in and how we have changed from a US dominant world to one in which there are regional spheres of influence. It describes the reasons for US current dominance, its challenges (which when all is said and done boil down to its growth capability and fiscal discipline), the challenges of other rivals (capital controls on RMB, which make its prospects of global influence far in the future and the lack of political unity for the EUR). If one wants to get a concise comprehensive overview of why current monetary structures are the way they are, the challenges ahead for the US and its currency competitors, read this book.
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