Routledge
The Future of Global Currency: The Euro Versus the Dollar
Key Metrics
- Benjamin J Cohen
- Routledge
- Paperback
- 9780415781503
- 9.21 X 6.14 X 0.45 inches
- 0.67 pounds
- Business & Economics > Money & Monetary Policy
- English
Secure TransactionBook Description
Can the euro challenge the supremacy of the U.S. dollar as a global currency? From the time Europe's joint money was born, many have predicted that it would soon achieve parity with the dollar or possibly even surpass it. In reality, however, the euro has remained firmly planted in the dollar's shadow. The essays collected in this volume explain why. Because of America's external deficits and looming foreign debt, the dollar can never be as dominant as it once was. But Europe's money is unable to mount an effective challenge. The euro suffers from a number of critical structural deficiencies, including an anti-growth bias that is built into the institutions of the monetary union and an ambiguous governance structure that sows doubts among prospective users. As recent events have demonstrated, members of the euro zone remain vulnerable to financial crisis. Moreover, lacking a single voice, the bloc continues to punch below its weight in monetary diplomacy. The world seems headed toward a leaderless monetary order, with several currencies in contention but none clearly dominant.
This collection distils the views of one of the world's leading scholars in global currency, and will be of considerable interest to students and scholars of international finance and international political economy.
Author Bio
Professor Cohen, a specialist in international political economy, joined the department in 1991. He previously taught at Princeton University from 1964-1971 and at the Fletcher School of Law and Diplomacy at Tufts University from 1971-1991. He retired from UCSB in 2021.
His publications have addressed issues of international monetary relations, U.S. foreign economic policy, currency integration, sovereign debt, theories of economic imperialism, and the history of the discipline of international political economy. He is the author of sixteen books. His newest book, Currency Statecraft: Monetary Rivalry and Geopolitical Ambition, was published by the University of Chicago Press in 2019.
Research Interests
- International Relations, International Political Economy
- Ph.D., Columbia University, 1963
- Louis G. Lancaster Professor of International Political Economy (1991-2021)
Source: UC Santa Barbara Department of Political Science
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