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| 008 | 240724s2016 xx o ||||0 eng d | ||
| 020 |
_a9781785606403 _q(electronic bk.) |
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| 020 | _z9781785606410 | ||
| 035 | _a(MiAaPQ)EBC4500557 | ||
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| 050 | 4 | _aHJ8001-8899 | |
| 082 | 0 | _a332.4973 | |
| 100 | 1 | _aGanziro, Taranza T. | |
| 245 | 1 | 4 |
_aThe Exorbitant Burden : _bThe Impact of the U. S. Dollar's Reserve and Global Currency Status on the U. S. Twin-Deficits. |
| 250 | _a1st ed. | ||
| 264 | 1 |
_aBingley : _bEmerald Publishing Limited, _c2016. |
|
| 264 | 4 | _c©2016. | |
| 300 | _a1 online resource (281 pages) | ||
| 336 |
_atext _btxt _2rdacontent |
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| 337 |
_acomputer _bc _2rdamedia |
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| 338 |
_aonline resource _bcr _2rdacarrier |
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| 505 | 0 | _aFront Cover -- The Eoxorbitant Burden: The Impact of the U.S. Dollar's Reserve and Global Currency Status on the U.S. Twin-Deficits -- Copyright page -- Contents -- Summary -- List of Equations -- List of Boxes -- List of Charts -- List of Graphs -- List of Figures -- List of Tables -- List of Appendices -- Chapter 1 Introduction -- Chapter 2 Literature Review -- 2.1. Theory of Reserve Currency -- 2.1.1. Principle -- 2.1.2. Functions of the Leading Reserve Currency -- 2.1.2.1. Store of value -- 2.1.2.2. Medium of exchange -- 2.1.2.3. Unit of account -- 2.1.3. Reserves Currency Accumulation Motives -- 2.1.3.1. Mercantilist rule -- 2.1.3.2. Self-insurance precautionary rule -- 2.1.3.3. Collateral rule -- 2.1.4. Cost of Excessive Reserves Holdings -- 2.1.5. International Reserve Currency Status Criteria -- 2.1.5.1. Economic and geopolitical weight -- 2.1.5.2. Macroeconomic stability -- 2.1.5.3. Trade openness -- 2.1.5.4. Financial depth dynamics -- 2.1.5.5. Winning the inertial duel -- 2.1.6. The Implications of Achieving Reserve Currency Status -- 2.1.7. Empirical Evidence of the U.S. Dollar Reserve Currency Status -- 2.1.7.1. The U.S. dollar is the global leading anchor currency -- 2.1.7.2. The U.S. dollar is the major form of cash currency worldwide -- 2.1.7.3. The U.S. dollar is a transaction - Centric to Global Forex markets -- 2.1.7.4. The U.S. dollar is the currency of choice in the international trade invoicing and settlement -- 2.1.7.5. The U.S. dollar is a prominent currency in international debt market -- 2.1.7.6. The U.S. dollar is a key currency in banking cross-border lending and investment portfolio -- 2.1.7.7. The U.S. dollar dominates foreign reserves holdings -- 2.2. Reserve Currency Historical Background -- 2.2.1. Overview -- 2.2.2. Gold Standard: 1819-1914 -- 2.2.3. The British Pound Standard: 1914-1945. | |
| 505 | 8 | _a2.2.4. Bretton Woods System 1946-1973 -- 2.2.4.1. Overview -- 2.2.4.2. The dollar-gold exchange standard -- 2.2.4.3. The Bretton Woods System dilemma -- 2.2.4.4. Nixon shock -- 2.2.5. Fiduciary Dollar Standard (1973 - Present) -- 2.3. U.S. Dollar Global Liquidity -- 2.3.1. Overview -- 2.3.2. Private Dollar Global Liquidity -- 2.3.2.1. Eurodollar liquidity -- Definition -- Background -- Eurodollar market features -- Eurodollar market size -- 2.3.2.2. Dollar-derivatives global liquidity -- Defining a derivative -- Evolution -- Size and leverage of the derivatives market -- The magic of netting -- Dollar toxic liquidity -- Do derivatives pose an existential threat to us dollar reserve currency status? -- 2.3.2.3. The Repo Markets and the dollar-liquidity -- Definition -- Importance -- Dangers -- 2.3.3. Official Dollar-Global Liquidity -- 2.3.3.1. The Fed and the dollar global liquidity -- 2.3.3.2. The anatomy of banking bailout -- How big is too big to fail -- How dangerous is too big to fail -- The banking bailout -- 2.3.4. The Interaction between Private and Official Liquidity -- Chapter 3 Theoretical Framework -- 3.1. Overview -- 3.2. Great Powers Have Great Currencies -- 3.2.1. Leading Country Theoretical Outline -- 3.2.2. United States' Geopolitical Leadership -- 3.2.2.1. Military power -- Behind great economies, there are great militaries -- Link between the U.S. dollar supremacy to the United States -- Global security umbrella -- Strategic geography -- 3.2.2.2. Economic Power -- Most technologically advanced free-market economy -- The United States has the deepest financial markets -- Abundant natural resources -- Trading power -- Excellent competitiveness -- Sophisticated network of small, medium-sized and multinational businesses -- The most energetic private sector -- The most vibrant urban economic growth. | |
| 505 | 8 | _aThe United States is wealthiest countries on earth -- 3.2.2.3. Political Power -- 3.2.2.4. Global Cultural Influence -- A nation committed to the global public good and knowledge generation -- The highest cultural diversity and vibrant performing immigrants -- 3.2.2.5. Summarizing -- From current account standpoint -- From capital account standpoint -- Can this game of depraving domestic markets of their Hard-won savings by accumulating unrewarding foreign assets continue f... -- 3.3. The Paradox of the U.S. Dollar -- 3.3.1. Overview -- 3.3.2. Dual Global and Domestic Role Paradox -- 3.3.3. Paradox of Strong Dollar Policy -- 3.3.4. Triffin Paradox -- 3.3.5. Trilemma Hypotheses -- 3.3.5.1. Mundell-Flemming trilemma -- 3.3.5.2. Rodrik Political trilemma -- 3.4. U.S. Dollar and Global Imbalances -- 3.4.1. Supply-Side School -- 3.4.2. Demand-Side School -- 3.4.3. Rebalancing Act -- 3.5. Exorbitant Privilege -- 3.5.1. Overview -- 3.5.2. Exorbitant Privilege Benefits to United States -- 3.5.2.1. Convenience for U.S. citizens -- Lower to zero exchange costs -- Lower interest to interest-free borrowing -- 3.5.2.2. Convenience for the U.S. Government -- Prestige -- Cheap financing for domestic and global strategies -- Insulation from foreign shocks -- 3.5.2.3. Seigniorage -- 3.5.3. Exorbitant Benefits to the Rest of the World -- 3.5.4. Exorbitant Privilege under Scrutiny -- 3.6. Exorbitant Burden -- 3.6.1. Competitiveness Burden -- 3.6.2. Exorbitant Reserve Currency Curse -- 3.6.3. Political Burden -- 3.6.4. Monetary Policy Burden -- 3.6.5. Capital Flow Burden -- 3.6.6. Reserve Currency Status Maintenance Burden -- 3.6.7. The Twin Deficit Burden -- 3.6.7.1. Overview -- 3.6.7.2. Twin Deficit Identity -- Keynesian and Mundell - Fleming twin-deficits hypothesis -- Ricardian equivalence twin-deficits hypothesis -- Twin divergence hypothesis -- 3.6.8. Debt Burden. | |
| 505 | 8 | _a3.7. Currency Wars -- 3.8. Is There a Viable Alternative to the US Dollar as the World Leading Reserve Currency? -- 3.8.1. Overview -- 3.8.2. Viable Alternatives -- 3.8.2.1. Special drawing rights (SDR) -- 3.8.2.2. EURO -- Euroland banking crisis -- Euroland sovereign debt crisis -- Euroland macroeconomic and growth crisis -- Euroland crises entanglement -- 3.8.2.3. Chinese Renminbi (RMB) -- Overview -- Challenges -- Social obstacles -- Economic challenges -- Financial constraints -- Political upheavals -- Environmental threats -- Geopolitical limitations -- 3.8.3. Is There Any Other Currency Alternative? -- 3.8.4. Multipolar Reserve Currency System -- 3.8.5. Is the U.S. Dollar Trapped into the Global System? -- 3.8.6. Way Forward -- Chapter 4 Methodology -- 4.1. Model Specification -- 4.1.1. Overview -- 4.1.2. Variables Specification -- 4.1.2.1. Dependent variable specification -- 4.1.2.2. Independent variables specification -- US Financial Openness (Finopen) -- US Geopolitical Power (geopower) -- US Trade Openness (Tradeopen) -- 4.1.3. Model-Equation Specification -- 4.1.4. Data -- 4.1.4.1. Data source -- 4.1.4.2. Data description -- 4.2. Quantitative Analysis -- 4.2.1. OLS Regression -- 4.2.2. Stationarity Tests -- 4.2.3. Cointegration Tests -- 4.2.3.1. Johansen maximum likelihood tests -- 4.2.3.2. Johansen ML results and analysis -- 4.2.4. Vector Error Correction Model -- 4.2.4.1. VECM regression -- Lagrange multiplier (LM) test -- VECM stability -- Granger causality Wald tests -- Johansen normalized coefficients -- 4.2.4.2. VECM diagnostic tests -- 4.2.5. Results Analysis -- Chapter 5 Conclusion -- Appendices -- Appendix A: OLS Regression at level -- Appendix B: OLS Regression at First Difference -- Appendix C: Johansen Tests for Cointegration -- Appendix D: Granger Causality Wald Tests (Vargranger Stata Command) -- References -- Index. | |
| 520 | _aThis economic and political science work is a rigorous analysis that demonstrates that although it is a privilege and a benefit for the US to have its currency, the dollar, as the leading world reserve currency, the privilege also proves to be a very significant economic and security burden imposed on the nation. | ||
| 588 | _aDescription based on publisher supplied metadata and other sources. | ||
| 590 | _aElectronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries. | ||
| 650 | 0 | _aMoney--United States--History. | |
| 655 | 4 | _aElectronic books. | |
| 700 | 1 | _aVambery, Robert G. | |
| 776 | 0 | 8 |
_iPrint version: _aGanziro, Taranza T. _tThe Exorbitant Burden _dBingley : Emerald Publishing Limited,c2016 _z9781785606410 |
| 797 | 2 | _aProQuest (Firm) | |
| 856 | 4 | 0 |
_uhttps://ebookcentral.proquest.com/lib/orpp/detail.action?docID=4500557 _zClick to View |
| 999 |
_c109152 _d109152 |
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