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The Exhaustion of the Dollar by H.Peter Gray
The Exhaustion of the Dollar by H.Peter Gray
For more than 50 years, the U.S. dollar has been the primary currency in the global economic and financial system. This research evaluates the claim that the dollar’s capacity to be the main currency would soon run out due to the string of U.S. current-account deficits during the past 20 years. Strong evidence exists to back up the claim. The effects of weariness will be severe, and they require prompt attention.
Review
“Peter Gray gives a clear account of the rise and fall of the U.S. dollar as a reserve currency, as well as the difficulties in creating a substitute system that would enable international payments. Gray describes the issue that will arise when the U.S. foreign payments situation declines from one that is defined by a current account deficit of 6% of GDP to a considerably smaller sustainable number. Robert Z. Aliber, a retired professor of international economics and finance at the University of Chicago’s graduate school of business, said “Peter Gray offers a masterful analysis in this study of the US dollar’s place in the global economic system, one that should be of interest to both academic economists and policymakers. A detailed examination of the reasoning behind and most recent changes in the international monetary system, whose dependence on a single core currency causes such systemic issues, is especially pertinent. – Sheila C. Dow, Economics Department, University of Stirling, United Kingdom
About the Author Peter Gray is an Emeritus Professor of International Business and Economics at Rensselaer Polytechnic Institute, the State University of New Jersey, and Rutgers University.
Salepage : The Exhaustion of the Dollar by H.Peter Gray
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