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The Costs and Benefits of the U.S. Role as a Reserve Currency Country

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  • Robert Z. Aliber

Abstract

Introduction, 442. — I. Benefits of the U.S. reserve currency role, 445; the flexibility advantage, 445; the income advantage, 446. — II. The costs of the U.S. reserve currency role, 447; the constraint on independent domestic policies, 447; the devaluation constraint, 450; the burden of supplying reserves to other countries, 452; the burden of managing private gold markets, 454. — III. Conclusion, 454.

Suggested Citation

  • Robert Z. Aliber, 1964. "The Costs and Benefits of the U.S. Role as a Reserve Currency Country," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 78(3), pages 442-456.
    • Handle: RePEc:oup:qjecon:v:78:y:1964:i:3:p:442-456.
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    File URL: http://hdl.handle.net/10.2307/1879476
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    Cited by:

    1. Emmanuel Farhi & Matteo Maggiori, 2018. "A Model of the International Monetary System," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 133(1), pages 295-355.
    2. McCauley, Robert N., 2015. "Does the US dollar confer an exorbitant privilege?," Journal of International Money and Finance, Elsevier, vol. 57(C), pages 1-14.
    3. Robert N. McCauley, 2020. "The Global Domain of the Dollar: Eight Questions," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 48(4), pages 421-429, December.
    4. Sergey Narkevich & Pavel Trunin, 2012. "Reserve Currencies: Factors of Evolution and their Role in the World Economy," Research Paper Series, Gaidar Institute for Economic Policy, issue 162P.

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