How Global Currencies Work - Past, Present, and Future
A powerful new understanding of global currency trends, including the rise of the Chinese yuan
At first glance, the modern history of the global economic system seems to support the long-held view that the leading world power’s currency―the British pound, the U.S. dollar, and perhaps someday the Chinese yuan―invariably dominates international trade and finance. In How Global Currencies Work, three noted economists provide a reassessment of this history and the theories behind the conventional wisdom.
From the Back Cover
"This book will come to be known as the one that challenged the old, winner-takes-all view of international currency competition and established the new view. Barry Eichengreen and his coauthors present thorough and telling evidence that the historical reality is that multiple currencies play consequential roles in international trade and finance--and that lock-in effects and persistence are not as strong as traditionally assumed. In short, this is a must-read for all economists interested in international macroeconomics and finance."--Richard Baldwin, Graduate Institute of International and Development Studies, Geneva
About the Author
Barry Eichengreen is the George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley. His books include Hall of Mirrors, Exorbitant Privilege, Globalizing Capital, and The European Economy since 1945. Arnaud Mehl is principal economist at the European Central Bank. Livia Chiţu is an economist at the European Central Bank.