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It May Be Our Currency, But It'S Your Problem

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  • BARRY EICHENGREEN

Abstract

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.

Suggested Citation

  • Barry Eichengreen, 2011. "It May Be Our Currency, But It'S Your Problem," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 51(3), pages 245-253, November.
    • Handle: RePEc:bla:ozechr:v:51:y:2011:i:3:p:245-253
    DOI: j.1467-8446.2011.00334.x
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    3. Eichengreen, Barry & Flandreau, Marc, 2009. "The rise and fall of the dollar (or when did the dollar replace sterling as the leading reserve currency?)," European Review of Economic History, Cambridge University Press, vol. 13(3), pages 377-411, December.
    4. Liebowitz, S J & Margolis, Stephen E, 1990. "The Fable of the Keys," Journal of Law and Economics, University of Chicago Press, vol. 33(1), pages 1-25, April.
    5. Stephen Morgan & Martin Shanahan, 2010. "The Supply Of Economic History In Australasia: The Australian Economic History Review At 50," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 50(3), pages 217-239, November.
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