The Dollar and its Discontents

Olivier Jeanne

No 18143, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Has the US dollar delivered the benefits 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. I argue in this paper that the countries that accumulate the most reserves should expect a low return in terms of their own consumption, and that there is little that international monetary reform can do to change that fact.

JEL-codes: F02 F3 F31 F33 (search for similar items in EconPapers)
Date: 2012-06
Note: IFM
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Citations: View citations in EconPapers (16)

Published as Jeanne, Olivier, 2012. "The dollar and its discontents," Journal of International Money and Finance, Elsevier, vol. 31(8), pages 1976-1989.

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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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