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IT MAY BE OUR CURRENCY, BUT IT'S YOUR PROBLEM
Author(s) -
EICHENGREEN BARRY
Publication year - 2011
Publication title -
australian economic history review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.493
H-Index - 16
eISSN - 1467-8446
pISSN - 0004-8992
DOI - 10.1111/j.1467-8446.2011.00334.x
Subject(s) - renminbi , blessing , dominance (genetics) , liberian dollar , reserve currency , currency , economics , us dollar , monetary economics , foreign exchange reserves , special drawing rights , international economics , devaluation , finance , exchange rate , geography , biochemistry , chemistry , archaeology , gene
The dollar's dominance of international transactions and role as a reserve currency is an exorbitant privilege that is a burden as well as a blessing for the US. It achieved this dominance early in the twentieth century, quite quickly in fact; it may also see that status change equally quickly were the world to move to a multipolar system of currencies. Among the most likely candidates for reserve currencies in such a world are the dollar, the euro, and the Chinese renminbi, Barry Eichengreen explained in his Butlin Lecture earlier in 2011.