Tabla de Contenidos:
  • Intro
  • DOLLAR DEPRECIATION: ECONOMIC EFFECTS AND POLICY RESPONSE
  • DOLLAR DEPRECIATION: ECONOMIC EFFECTS AND POLICY RESPONSE
  • Library of Congress Cataloging-in-Publication Data
  • Contents
  • Preface
  • Chapter 1: The Depreciating Dollar: Economic Effects and Policy Response*
  • Summary
  • Introduction
  • Broad Economic Forces that Affect the Dollar
  • Determinants of the Size and Direction of Cross-Border Asset Flows
  • Interest Rate Differentials between the United States and Other Economies
  • Investors' Expectations About the Future Path of the Dollar
  • Investors Diversifying Their Portfolio of Assets
  • Other Factors that Influence the International Demand for Dollar Assets
  • The Size and Liquidity of U.S. Asset Markets
  • U.S. Asset Markets are Often Seen as "Safe Havens"
  • The Dollar is the Principal Global "Reserve Currency"
  • How Will These Determinants Interact to Affect the Dollar?
  • Likely Effects of Dollar Depreciation
  • A Smaller Trade Deficit
  • U.S. International Purchasing Power Decreases
  • U.S. Net External Debt is Reduced
  • World Commodity Prices (in Dollars) Tend to Increase
  • Other Possible Effects of Dollar Depreciation
  • U.S. Interest Rates Could Increase
  • Dollar's Reserve Currency Role Could Be Reduced
  • Risk of a Dollar Crisis Could Be Increased
  • Policies that Could Influence the Dollar
  • Does the United States Have a Dollar Policy?
  • Policies to Influence the Demand for U.S. Assets
  • Direct Intervention in the Foreign Exchange Market
  • Monetary Policy
  • Fiscal Policy and Federal Debt
  • Policies to Increase the Demand for U.S. Exports
  • Lower Foreign Trade Barriers
  • Support for Development of New Products
  • Indirect Government Influence on the Dollar
  • Global Imbalances, the Dollar,
  • and Economic Policy
  • End Notes
  • Chapter 2: Dollar Crisis: Prospect and Implications*
  • Summary.
  • Introduction
  • Anatomy of Dollar Crisis
  • Possible Reasons Why
  • a Dollar Crisis Won't Occur
  • Global Savings Glut
  • Bretton Woods II
  • Dark Matter
  • Liquidity Services
  • Insurance Services
  • Knowledge Services
  • The Macroeconomic Effects of a Dollar Crisis
  • The Response of Economic Policy
  • Response of U.S. Economic Policy
  • Response of Foreign Economic Policy
  • Conclusion
  • End Notes
  • Chapter 3: The Dollar's Future as the World's Reserve Currency: The Challenge of the Euro*
  • Summary
  • The Rising International Importance of "Official Holdings "
  • The Roles of a Reserve Currency
  • Four Factors Influencing Choice of a Reserve Currency
  • The Current Currency Composition of Official Reserves
  • Euro vs. Dollar
  • As a Medium of Exchange
  • As a Unit of Account
  • As a Store of Value
  • Conclusion
  • End Notes
  • Chapter 4: The U.S. Trade Deficit, the Dollar, and the Price of Oil*
  • Summary
  • Overview
  • The Dollar and the Price of Oil
  • Real and Nominal Oil Prices
  • Major Currencies
  • The Price of Oil
  • Oil Exchanges
  • Oil Demand and Supply
  • The International Exchange Value of the Dollar
  • Capital Flows
  • U.S. Financial Balance
  • Foreign Exchange Market
  • The U.S. Trade Deficit
  • Conclusions
  • End Notes
  • Chapter Sources
  • Index.