The declining dollar, global economic growth, and macro stability

Paul Davidson

Journal of Post Keynesian Economics, 2006, vol. 28, issue 3, 473-493

Abstract: Despite a significant decline in the value of the dollar, the U.S. trade imbalance has almost doubled in the past three years indicating that the Marshall-Lerner condition is not applicable. Continued political pressure to devalue the dollar may result in the end of the de facto dollar standard that historians will call "bursting the dollar bubble." The result will be a regression to the flexible exchange rates that exacerbated economic problems in the Great Depression. An alternative is presented in this paper.

Date: 2006
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Chapter: The Declining Dollar, global Economic Growth, and Macro Stability (2007)
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DOI: 10.2753/PKE0160-3477280306

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