03873nam 2200733 450 991082326070332120230803034045.00-19-931158-70-19-993701-X(CKB)3460000000128155(EBL)3055377(OCoLC)827268133(SSID)ssj0000820995(PQKBManifestationID)11509721(PQKBTitleCode)TC0000820995(PQKBWorkID)10871591(PQKB)11219084(StDuBDS)EDZ0000113796(MiAaPQ)EBC3055377(MiAaPQ)EBC4704591(Au-PeEL)EBL4704591(CaPaEBR)ebr11292318(CaONFJC)MIL498170(OCoLC)962153402(EXLCZ)99346000000012815520161109h20132013 uy 0engur|n|---|||||txtccrThe unloved dollar standard from Bretton Woods to the rise of China /Ronald I. McKinnonNew York, New York :Oxford University Press,2013.©20131 online resource (237 p.)Description based upon print version of record.0-19-993700-1 0-19-998070-5 Includes bibliographical references and index.Cover; Contents; Preface; 1. Introduction: The Unloved Dollar Standard; PART I. The International Money Machine; 2. The U.S. Dollar's Facilitating Role as International Money Today; 3. The Dollar as a Worldwide Nominal Anchor: Insular U.S. Monetary Policy from 1945 to the Late 1960s; 4. The Slipping Anchor, 1971-2008: The Nixon, Carter, and Greenspan Shocks; 5. The Bernanke Shock, 2008-12: Interest Differentials, Carry Trades, and Hot Money Flows; PART II. Trade Imbalances; 6. The U.S. Saving Deficiency, Current-Account Deficits, and Deindustrialization: Hard versus Soft Landings7. Exchange Rates and Trade Balances under the Dollar Standard Hong (Helen) Qiao8. Why Exchange Rate Changes Will Not Correct Global Trade Imbalances; 9. The Transfer Problem in Reducing the U.S. Current-Account Deficit; PART III. China: Adjusting to the Dollar Standard; 10. High Wage Growth under Stable Dollar Exchange Rates: Japan, 1950-71 and China, 1994-2011; 11. Currency Mismatches on the Dollar's Periphery: Why China as an Immature Creditor Cannot Float Its Exchange Rate; 12. China and Its Dollar Exchange Rate: A Worldwide Stabilizing Influence?; PART IV. International Monetary Reform13. Rehabilitating the Dollar Standard and the Role of China: The G-2References; Index; A; B; C; D; E; F; G; H; I; J; K; L; M; N; O; P; Q; R; S; T; U; V; W; Y; ZThis study argues that rehabilitating the dollar standard requires that American monetary and financial policies be 'internationalized': the Federal Reserve should aim for greater exchange rate stability by adjusting interest rates to prevent runs for or against the dollar, while the U.S. Treasury aims fiscal policy to balance exports and imports. China, now the world's largest exporter and creditor country, has a critical role to play in sustaining the dollar standard.Foreign exchangeDollar, AmericanMoneyUnited StatesMoneyChinaCurrency questionCurrency convertibilityForeign exchange.Dollar, American.MoneyMoneyCurrency question.Currency convertibility.332.4560973McKinnon Ronald I.570239MiAaPQMiAaPQMiAaPQBOOK9910823260703321The unloved dollar standard4061337UNINA