Currency Power

Understanding Monetary Rivalry

Benjamin J. Cohen

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English

Princeton University Pres
02 July 2018

Economics & Business; Monetary economics; International economics; Political economy

"Why the dollar will remain the world's most powerful currencyMonetary rivalry is a fact of life in the world economy. Intense competition between international currencies like the US dollar, Europe's euro, and the Chinese yuan is profoundly political, going to the heart of the global balance of power. But what exactly is the relationship between currency and power, and what does it portend for the geopolitical standing of the United States, Europe, and China? Popular opinion holds that the days of the dollar, long the world's dominant currency, are numbered. By contrast, Currency Power argues that the current monetary rivalry still greatly favors America's greenback. Benjamin Cohen shows why neither the euro nor the yuan will supplant the dollar at the top of the global currency hierarchy.

Cohen presents an innovative analysis of currency power and emphasizes the importance of separating out the various roles that international money might have. After systematically exploring the links between currency internationalization and state power, Cohen turns to the state of play among today's top currencies. The greenback, he contends, is the ""indispensable currency""-the one that the world can't do without. Only the dollar is backed by all the economic and political resources that make a currency powerful. Meanwhile, the euro is severely handicapped by structural defects in the design of its governance mechanisms, and the yuan suffers from various practical limitations in both finance and politics.

Contrary to today's growing opinion, Currency Power demonstrates that the dollar will continue to be the leading global currency for some time to come."

By: Benjamin J. Cohen
Imprint: Princeton University Pres
Country of Publication: United States
Dimensions: Height: 235mm, Width: 155mm,
Weight: 397g
ISBN: 9780691181066
ISBN 10: 0691181063
Pages: 304
Publication Date: 02 July 2018
Audience: College/higher education , Professional and scholarly , Primary , Undergraduate
Format: Paperback
Publisher's Status: Active

List of Tables and Figures ix Acknowledgments xi Abbreviations and Acronyms xiii Introduction 1 1 International Currency 8 2 Power Analysis 28 3 Monetary Power 48 4 From Currency to Power 77 5 From Power to Currency 102 6 Currency Competition Today (with Tabitha M. Benney) 135 7 The Dollar: Power Undiminished 160 8 The Euro: Power Unrealized 185 9 The Yuan: Power Unstoppable? 214 10 Summing Up 237 Notes 245 References 257 Index 275

Benjamin J. Cohen is the Louis G. Lancaster Professor of International Political Economy at the University of California, Santa Barbara.

Reviews for Currency Power: Understanding Monetary Rivalry

An important contribution to our understanding of financial statecraft. This is not only the first comprehensive treatment of currency power, it is likely to remain the best such treatment for years to come. As such, the book is necessary reading for everyone interested in whether the dollar will remain at the top of the global currency pyramid as well as why retaining that status matters. --Thomas Oatley, Cambridge Review of International Affairs This analytic complexity makes Currency Power an important contribution to our understanding of financial statecraft. This is not only the first comprehensive treatment of currency power, it is likely to remain the best such treatment for years to come. As such, the book is necessary reading for everyone interested in whether the dollar will remain at the top of the global currency pyramid as well as why retaining that status matters. --Thomas Oatley, Cambridge Review of International Affairs The ideas are clearly explained and speak directly to a broad spectrum of the existing international political economy literature. --Choice