The U.S. dollar's dominance seems under threat. The near collapse of the U.S. financial system in 2008–2009, political paralysis that has blocked effective policymaking, and emerging competitors such as the Chinese renminbi have heightened speculation about the dollar’s looming displacement as the main reserve currency. Yet, as The Dollar Trap powerfully argues, the financial crisis, a dysfunctional international monetary system, and U.S. policies have paradoxically strengthened the dollar’s importance. Eswar Prasad examines how the dollar came to have a central role in the world economy and demonstrates that it will remain the cornerstone of global finance for the foreseeable future. Marshaling a range of arguments and data, and drawing on the latest research, Prasad shows why it will be difficult to dislodge the dollar-centric system. With vast amounts of foreign financial capital locked up in dollar assets, including U.S. government securities, other countries now have a strong incentive to prevent a dollar crash. Prasad takes the reader through key contemporary issues in international finance—including the growing economic influence of emerging markets, the currency wars, the complexities of the China-U.S. relationship, and the role of institutions like the International Monetary Fund—and offers new ideas for fixing the flawed monetary system. Readers are also given a rare look into some of the intrigue and backdoor scheming in the corridors of international finance. The Dollar Trap offers a panoramic analysis of the fragile state of global finance and makes a compelling case that, despite all its flaws, the dollar will remain the ultimate safe-haven currency.
In Gaining Currency, leading China scholar Eswar S. Prasad describes how the renminbi (RMB) is taking the world by storm and explains its role in reshaping global finance. This book sets the recent rise of the RMB, China's currency since 1949, against a sweeping historical backdrop. China issued the world's first paper currency in the 7th century. In the 13th century, Kublai Khan issued the first-ever currency to circulate widely despite not being backed by commodities or precious metals. China also experienced some of the earliest episodes of hyperinflation currency wars. Gaining Currency reveals the interconnections linking China's growing economic might, its expanding international influence, and the rise of its currency. If China plays its cards right by adopting reforms that put its economy and financial markets on the right track, the RMB could rival even the euro and the Japanese yen. Prasad shows, however, that while China has successfully adopted a unique playbook for promoting the RMB, many pitfalls lie ahead for its economy and currency that could limit the RMB's ascendance. The Chinese leadership is pursuing financial liberalization and limited market-oriented reforms, but it has unequivocally repudiated political, legal, and institutional reforms. Therefore, Prasad argues, while the RMB is likely to become a significant reserve currency, it will not attain "safe haven" status as a currency to which investors turn during crises. In short, the hype predicting the RMB's inevitable rise to global dominance is overblown. Gaining Currency makes a compelling case that, for all its promise, the RMB does not pose a serious challenge to the U.S. dollar's dominance in international finance.
New technologies are shaking the foundations of traditional finance. Leading economist Eswar Prasad foresees the end of cash, as central banks develop their own digital currencies to compete with Bitcoin and Facebook's Diem. Money and finance are on the verge of dramatic transformations that will reshape their roles in the lives of ordinary people.
China's currency, the renminbi, has taken the world by storm. This book documents the renminbi's impressive rise to global prominence in a short period but also shows how much further it has to go before becoming a major international currency. The hype about its inevitable ascendance to global dominance is overblown.
The 18 contributions and editor's introduction included in this volume represent some of the most dynamic thinking on the how and why of curricular change today. The essays are founded on the consensus that most of what passes for liberal studies and general education is so out of touch with today's world that it is simply beside the point. One of the chief inadequacies brought out by the text is the failure of current disciplines to deal with the inherent "messiness" and complexity of real world issues such as hunger, conflict, and pollution. The contributors identify the issues, provide insights on what can be done and present several challenges as well.
The haunting story of Jamie Eugley, a young lobsterman struggling with the grinding responsibilities of a head-injured fiancee and mounting trap wars, The Ghost Trap is a modern tale with an old-fashioned hero who puts family and heritage before self. In the end it's not just about lobstering, but about one man's sorrow for not appreciating the love he had, however damaged. Written with sensitivity and rich description, this is a piercingly accurate depiction of life in a small Maine lobstering community.
A collection of essays of the subject of Negative Population Growth. Amongst the remarkable changes that occurred in the industrialized world in the twentieth century, the most fundamental change of all was the quadrupling of human population--a growth three times as large as the human race had experienced in all its previous history. The alarming increase in world population has profoundly altered mankind's relationship to the Earth natural resources. This scholarly compendium presents a collection of writings on the subject of population change, its consequences and the impact of human crowding on the future of mankind.--From publisher description.