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Rehabilitating the unloved dollar standard

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  • Ronald McKinnon
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    Abstract

    The international dollar standard is an accident of history that greatly facilitates international trade and exchange. But erratic US monetary and financial policies have upset the American and world economies so as to make foreigners unhappy. A weak and falling dollar led to the great price inflations of the 1970s and to disastrous asset bubbles in the noughties. It aggravated the post-War World's three great oil shocks. The asymmetrical nature of the dollar standard also makes many Americans unhappy because they cannot control their own exchange rate. Although nobody loves the dollar standard, it is a remarkably robust institution that is too valuable to lose and too difficult to replace. Rehabilitating the unloved dollar standard by 'internationalising' American monetary and financial policies to better stabilise the USA and world economies is the only way out of the current impasse. Copyright © 2010 The Author. Journal compilation © 2010 Crawford School of Economics and Government, The Australian National University and Blackwell Publishing Asia Pty Ltd..

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    File URL: http://hdl.handle.net/10.1111/j.1467-8411.2010.01258.x
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    Bibliographic Info

    Article provided by Asia Pacific School of Economics and Government, The Australian National University in its journal Asian-Pacific Economic Literature.

    Volume (Year): 24 (2010)
    Issue (Month): 2 (November)
    Pages: 1-18

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    Handle: RePEc:bla:apacel:v:24:y:2010:i:2:p:1-18

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0818-9935

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    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. The ABCT making its presence in the maintream literature
      by Nicolas Cachanosky in Punto de Vista Economico on 2013-09-02 03:10:35
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    Cited by:
    1. Hoffmann, Andreas, 2012. "Did the Fed and ECB react asymmetrically with respect to asset market developments?," Working Papers 103, University of Leipzig, Faculty of Economics and Management Science.
    2. Ronald I., McKinnon, 2011. "Beggar-thy-neighbor interest rate policies," Journal of Policy Modeling, Elsevier, vol. 33(5), pages 759-775, September.
    3. Andreas Hoffmann, 2014. "Zero-Interest Rate Policy and Unintended Consequences in Emerging Markets," ICER Working Papers 02-2014, ICER - International Centre for Economic Research.
    4. Andreas Hoffmann & Gunther Schnabl, 2011. "National Monetary Policy, Internatinal Economic Instability and Feeback Effects - An Overinvestment View," Global Financial Markets Working Paper Series 19-2011, Friedrich-Schiller-University Jena.

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