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The Political Economy of Reducing the US Dollar’s Role as a Global Reserve Currency

  • Yap, Josef T.

    (Asian Development Bank Institute)

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    Many have argued that the major source of the existing global macroeconomic imbalances are the twin deficits of the United States (US). However, there is still a debate about whether the global imbalances indeed pose a significant threat to the world economy. This paper analyzes whether current efforts in East Asia in terms of financial and monetary cooperation and rebalancing of economic growth could significantly mitigate the adverse impacts of a global system that will still be dominated by the US dollar in the foreseeable future. It also explains why the People’s Republic of China is unlikely to make significant unilateral adjustments to reduce global macroeconomic imbalances.

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    Paper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 302.

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    Length: 29 pages
    Date of creation: 04 Aug 2011
    Date of revision:
    Handle: RePEc:ris:adbiwp:0302
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    1. Caballero, Ricardo & Farhi, Emmanuel & Gourinchas, Pierre-Olivier, 2008. "Financial Crash, Commodity Prices and Global Imbalances," CEPR Discussion Papers 7064, C.E.P.R. Discussion Papers.
    2. Ignazio Visco, 2010. "Global Imbalances, the Financial Crisis and the International Monetary System," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 11(1), pages 69-82, January.
    3. Richard N. Cooper, 2007. "Living with Global Imbalances," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 38(2), pages 91-110.
    4. K. Yudaeva., 2010. "On the Exchange Rate Policy," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 1.
    5. Serven, Luis & Nguyen, Ha, 2010. "Global imbalances before and after the global crisis," Policy Research Working Paper Series 5354, The World Bank.
    6. Brahmbhatt, Milan & Canuto, Otaviano & Ghosh, Swati, 2010. "Currency Wars Yesterday and Today," World Bank - Economic Premise, The World Bank, issue 43, pages 1-6, December.
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