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Exorbitant Privilege: The Rise and Fall of the Dollar (Anglais) Broché – 27 septembre 2012

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Descriptions du produit

Revue de presse

A tour de force, by the outstanding contemporary scholar of the 20th century history of the international monetary system. (John Williamson, Senior Fellow, Institute for International Economics)

The great strength of Eichengreen's historical analysis is his enormously wide knowledge of, and sympathy for, economic and political conditions in all the major countries concerned. The work of a master economic historian. (International Journal of Finance and Economics,)

Eichengreen shows an unerring ability to get right to the heart of the matter....He summarises the current debate on financial crises, and then takes it one stage further ... neatly and sensibly argued ... an insightful insider's analysis ... It will bring the reader up to speed on the topic in record time: everything you need to know is tidily and concisely expressed in this refreshingly accessible book, which caters for the practitioner and the novice alike. (Central Banking Journal)

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.

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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: 4.2 étoiles sur 5 61 commentaires
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
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.
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.
3 internautes sur 3 ont trouvé ce commentaire utile 
5.0 étoiles sur 5 The King is Dead, Long Live the King 31 mars 2011
Par Mercenary Trader - Publié sur Amazon.com
Format: Relié Achat vérifié
When will King Dollar be kicked off his throne?

Calls for the death of the dollar - and reference to the U.S. as a great nation gone "banana republic" - date back to the early 1970s.

The fact that dollar doomsayers still rely on arguments put forth forty years ago should be enough to give one pause. If they were wrong in 1973, why should they be right today?

The question is not whether America is in financial crisis, but whether current conditions - along with sweeping change in emerging markets - will be enough to shock the international monetary system into a new form.

There are powerful reasons why a highly liquid reserve currency is needed for the purpose of facilitating global trade. There are also powerful reasons why the $USD has few true challengers.

(As for the euro, one need only look to Greece, Portugal and Ireland - and Europe's lack of true political union - to get a sense of the troubles there. Meanwhile the yen is in its own world of hurt, and the renminbi is far from ready for prime time.)

In this surprisingly compact and readable book, Eichengreen adds much needed nuance and subtlety to the U.S. dollar debate. His main message appears to be that, despite appearances, it will not be some form of external shock that will end the dollar's role as sole reserve currency. As with the majority of empires, downfall is a combination of gradual change at the margins and gnawing decay from within.

Eichengreen's views have potential to upset folks on both sides of the aisle. Those who picture the greenback as a disaster waiting to happen, for example, will be disappointed to hear the traditional imminent doom scenarios are not all that realistic.

On the other hand, those who think everything is fine will be disappointed by Eichengreen's view that out-of-control budget deficits really could present a long-term problem, and possibly trigger a dollar crash, by way of investor capital flight.

(Though the question still remains as to what investors will flee into, on leaving the $USD behind. The precious metals markets are microscopic in comparison to international trade flows, and a more official recognition of gold / silver would make supply even scarcer by way of hoarding. Various emerging markets, meanwhile, could not handle undue strengthening of their currencies - the flipside of a dollar rout -- without seeing their own economies hobbled. The U.S. has an ace up its sleeve not just in terms of size and superpower status, but in its vital role as trading partner and the asset side of its balance sheet.)

Eichengreen draws many instructive lessons from the rise and fall of sterling, the one-time world reserve currency of Britain. Unsettlingly for America bulls, one lesson via Britain's experience is that downfall can in fact happen relatively quickly - not overnight, but over a period of, say, ten years.

Eichengreen points out that China, too, is a student of monetary history, with Chinese policy makers laying the early groundwork for an eventual renminbi challenge (though they still have a long way to go).

The book further presents evidence that, as economic prosperity reaches more corners of the globe, we will naturally edge towards a more multi-polar currency world. This would be a world in which currency competitors do not necessarily challenge the dollar head on, but become increasingly more important to regional trade.

In addition to summing up the current situation, "Exorbitant Privilege" is a pithy and amusing history of the international monetary system (including the story of where the phrase "exorbitant privilege" actually came from). Some may find it dry, but for those fascinated by historical figures and events, behind-the-scenes machinations, and the logistical elements that make a complex currency and trade system work, the telling is very well done.

JS
1 internautes sur 1 ont trouvé ce commentaire utile 
3.0 étoiles sur 5 Privilege Described, Opportunity Missed 14 février 2012
Par James J Abodeely - Publié sur Amazon.com
Format: Relié Achat vérifié
Barry Eichengreen does an admirable job describing the evolution of the global monetary system which has brought the US dollar to its presently tenuous role as the world's reserve currency. It seems most people lack the historical understanding necessary to understand the present monetary arrangement and this book is an effective way to attain that base level of understanding. Though Exorbitant Privilege is certainly not unique in this regard and the task of educating readers on basic currency history does not require the advanced insight that Mr. Eichengreen is qualified to give, the Professor reaches his student-readers in a clear and concise fashion.

While my sense is that Mr. Eichengreen is somewhat progressive in his views that the dollar won't (can't!) maintain its status as sole reserve currency, I found myself disappointed that he didn't ring louder alarm bells or entertain more extreme potential outcomes should the current imbalances persist. As an expert on money and currencies-- the author shares with us many of the pieces needed to arrive at a few important conclusions. Yet he fails to combine the historical lessons learned (time and again) with some of the unprecedented current challenges to give proper weight to some truly alarming consequences.

Mr. Eichengreen gives many historical examples with modern day parallels of monetary policy makers "consciously choosing the stability of the banks over the stability" of their currencies, foreign currency agreements necessary for economic stability breaking down as the self-preservation of politicians overwhelms, and the tendency for markets to get out in front of policy makers, forcing change "not gradually, but abruptly." The author details the important role gold has played throughout history, providing the carrot and stick for proper currency management. Yet at the end of the day, he seems to suggest a Goldilocks multi-reserve-currency, entirely fiat, Kumbaya type arrangement with no serious role for gold as a store of value is the most likely outcome. He failed to convince this reader.
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