Review of Past, Present and Possible Future Exchange Rate Regimes
Paul Hallwood ()
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Paul Hallwood: University of Connecticut Groton
International Advances in Economic Research, 2025, vol. 31, issue 3, No 3, 157-168
Abstract:
Abstract It is argued that the declining share of the United States dollar in global foreign exchange reserves may accelerate due to the United States geopolitically distancing from the rest of world, as directed by the second Trump Administration. Either the global international monetary system will fracture or conceivably, but with low probability, the euro or the renminbi could take the dollar’s place as the primary reserve asset. These developments are set in historical perspective beginning in the nineteenth century where a succession of international monetary regimes imposed monetary discipline on the members. Each monetary regime has been replaced because of the tight monetary discipline it imposed. The successor post-1973 regime has been long running because it allows greater monetary policy freedom.
Keywords: Bretton Woods; Exchange rate expectations; Gold standard; Pegged exchange rates; Euro; Renminbi; Target zones; Monetary discipline (search for similar items in EconPapers)
JEL-codes: F31 F33 N20 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s11294-025-09936-2
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