- Hardcover: 240 pages
- Publisher: Oxford University Press; 1 edition (December 27, 2012)
- Language: English
- ISBN-10: 0199937001
- ISBN-13: 978-0199937004
- Product Dimensions: 9.4 x 0.9 x 6.4 inches
- Shipping Weight: 1.1 pounds (View shipping rates and policies)
- Average Customer Review: 5 customer reviews
- Amazon Best Sellers Rank: #1,905,079 in Books (See Top 100 in Books)
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The Unloved Dollar Standard: From Bretton Woods to the Rise of China 1st Edition
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"Ronald McKinnon is a seminal figure in the development of modern international monetary economics, but also an iconoclast with a distinctive view. This book is as good a summary statement as any of 'McKinnonomics.' Well worth reading as always."--Barry Eichengreen, George C. Pardee & Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley
"Ron McKinnon has written a masterful summary of the attractiveness of the U.S. dollar to foreign central banks and investors, and why the dollar standard has survived and flourished despite the challenges from the SDR, the Euro, the Japanese yen, and presumably the Chinese yuan. Government institutions and investors in Europe, Latin America, and Asia buy U.S. dollar securities because these purchases satisfy their interests; the 'dollar is the best game in town'. The paradox is that the U.S. payments deficit is a sign of the strength of the U.S. dollar."-- Robert Z. Aliber, Professor of International Economics and Finance Emeritus, Booth School of Business, University of Chicago
"Ron McKinnon is an original thinker, an iconoclast who always challenges the conventional wisdom, and never more so than in this latest book. He argues that the Fed should aim to stabilize the dollar's exchange rate, and that their current policy to push down interest rates to the zero lower bound has been wrong, both for the USA and for the wider world. His arguments may not find favour, but they are cogently and forcefully presented. This book should be a goad for policymakers and a stimulus for everyone else."--Professor Charles Goodhart, Emeritus Professor of Banking and Finance, London School of Economics
"McKinnon presents an analysis reflecting insights gained over a lifetime's distinguished career as an academic and a consultant. ... Through sophisticated and subtle analysis supported by empirical data graphically presented, he concludes that the persistent deficits in the US balance of payments are not a product of exchange rate distortions but rather of a national savings deficit. ... Recommended." --CHOICE
About the Author
Ronald McKinnon is the William D. Eberle Professor Emeritus of International Economics at Stanford University, where he has taught since 1961. He has been a consultant to central banks and finance ministries all over the world, including agencies such as the World Bank, International Monetary Fund, and European Central Bank.