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International Liquidity in a Multipolar World

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  • Barry Eichengreen

Abstract

Today's global monetary and financial system, to a remarkable extent, continues to rely on the U.S. dollar for international liquidity. This reflects the currency's historic role, the liquidity of American financial markets, and the absence of alternatives. But with the emergence of emerging markets, the capacity of the United States to provide safe assets will be outstripped by the growth of international transactions. It is thus likely that other large economies, presumably Europe and China, will eventually join the United States as sources of international liquidity and that other currencies will come to share the dollar's reserve-currency status.

Suggested Citation

  • Barry Eichengreen, 2012. "International Liquidity in a Multipolar World," American Economic Review, American Economic Association, vol. 102(3), pages 207-212, May.
  • Handle: RePEc:aea:aecrev:v:102:y:2012:i:3:p:207-12
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.102.3.207
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    1. Eichengreen, Barry, 1996. "Golden Fetters: The Gold Standard and the Great Depression, 1919-1939," OUP Catalogue, Oxford University Press, number 9780195101133.
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    Cited by:

    1. Hale, Galina & Jones, Peter & Spiegel, Mark M., 2014. "The Rise in Home Currency Issuance," Working Paper Series 2014-19, Federal Reserve Bank of San Francisco, revised 04 May 2016.
    2. Subacchi, Paola, 2013. "Expanding Beyond Borders: The Yen and the Yuan," ADBI Working Papers 450, Asian Development Bank Institute.

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