The Dollar and Its Discontents

Olivier Jeanne

No WP12-10, Working Paper Series from Peterson Institute for International Economics

Abstract: Has the US dollar delivered the benefit that the rest of the world is expecting from its holdings of international liquidity? US government debt has been liquid and safe, and it is supplied in sufficient quantity. But it has given a low return to the countries that accumulated the most reserves, especially when those returns are measured in terms of the countries' own consumption. Jeanne argues that countries that accumulate the most reserves should expect a low return in terms of their own consumption and that international monetary reform can do little to change that fact.

Keywords: International monetary system; Dollar; Foreign exchange reserves; Triffin dilemma (search for similar items in EconPapers)
JEL-codes: F36 F43 (search for similar items in EconPapers)
Date: 2012-05
New Economics Papers: this item is included in nep-mon
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Citations: View citations in EconPapers (16)

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Journal Article: The dollar and its discontents (2012)
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Working Paper: The Dollar and its Discontents (2012)
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