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Palgrave Macmillan

The Exhaustion of the Dollar

Its Implications for Global Prosperity

  • Book
  • © 2004

Overview

Authors:
  1. H. Peter Gray

    1. Rutgers - the State University, USA
      Rensselaer Polytechnic Institute, USA

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Table of contents (11 chapters)

  1. Front Matter

    Pages i-xi
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  2. Introduction

    1. Front Matter

      Pages 1-1
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    2. The Purpose and Three Propositions

      • H. Peter Gray
      Pages 3-32

  3. How a Hegemonic System Works

    1. Front Matter

      Pages 33-33
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    2. Background Concepts and Relationships in a Globalized World

      • H. Peter Gray
      Pages 35-51

    3. A Theory of Balance-of-Payments Adjustment for the Hegemon

      • H. Peter Gray
      Pages 52-72

    4. A Model of Instability in Asset Markets

      • H. Peter Gray
      Pages 73-85

  4. Exhaustion: Soft, Hard or Very Hard Landing

    1. Front Matter

      Pages 87-87
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    2. The Data

      • H. Peter Gray
      Pages 89-110

    3. Assessing Propositions One and Two

      • H. Peter Gray
      Pages 111-126

    4. The Efficiency of Adjustment

      • H. Peter Gray
      Pages 127-139

  5. Confronting the Future

    1. Front Matter

      Pages 141-141
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    2. Policy Options and Constraints

      • H. Peter Gray
      Pages 143-156

    3. The Transition Problem

      • H. Peter Gray
      Pages 157-161

    4. A Proposed Agenda for Redesign

      • H. Peter Gray
      Pages 162-171

  6. Concluding Assessment

    1. Front Matter

      Pages 173-173
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    2. The Grim Prospect Ahead

      • H. Peter Gray
      Pages 175-181

  7. Back Matter

    Pages 182-215
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Keywords

About this book

The U.S. dollar has served as the key currency of the international economic/financial system for over fifty years. This study assesses the proposition that the series of U.S. current-account deficits over the last twenty years will shortly exhaust the capability of the dollar to continue as the key currency.

Reviews

'Peter Gray presents a succinct story about the decline and fall of the U.S. dollar as a reserve currency, and the problems of developing an alternative arrangement that would facilitate international payments. Gray sketches the transition problem associated with the decline from a U.S. external payments position characterized by a current account deficit of six percent of GDP to a much smaller sustainable value.' - Robert Z. Aliber, Professor of International Economics and Finance Emeritus, Graduate School of Business, University of Chicago, USA

'In this study of the role of the US dollar within the global economic system, Peter Gray provides a masterly account, which should be of interest to academic economists and policy-makers alike. It is particularly timely to have such a thorough analysis of the logic of, and latest developments in, the international monetary system, whose reliance on one key currency creates such systemic problems.' - Sheila C. Dow, Department of Economics, University of Stirling, UK

Authors and Affiliations

  • Rutgers - the State University, USA

    H. Peter Gray

  • Rensselaer Polytechnic Institute, USA

    H. Peter Gray

About the author

H. PETER GRAY is Professor Emeritus of International Economics and Business at Rutgers, the State University of New Jersey and at Rensselaer Polytechnic Institute of Troy, New York, USA. He is a past president of both the Eastern Economic Association and of the International Trade and Finance Association.

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