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A powerful new understanding of global currency trends, including the rise of the Chinese yuanAt first glance, the modern history of the global economic system seems to support the long-held view that the leading world power's currency-the British pound, the U.S. dollar, and perhaps someday the Chinese yuan-invariably dominates international trade and finance. In How Global Currencies Work, three noted economists provide a reassessment of this history and the theories behind the conventional wisdom.Offering a new history of global finance over the past two centuries, and marshaling extensive new data to test established theories of how global currencies work, Barry Eichengreen, Arnaud Mehl, and Livia Chiţu argue for a new view, in which several national monies can share international currency status, and their importance can change rapidly. They demonstrate how changes in technology and in the structure of international trade and finance have reshaped the landscape of international currencies so that several international financial standards can coexist. They show that multiple international and reserve currencies have in fact coexisted in the pastupending the traditional view of the British pound's dominance prior to 1945 and the U.S. dollar's dominance more recently.Looking forward, the book tackles the implications of this new framework for major questions facing the future of the international monetary system, from whether the euro and the Chinese yuan might address their respective challenges and perhaps rival the dollar, to how increased currency competition might affect global financial stability.

Valute. --- Money. --- International finance. --- Account (accountancy). --- Annual report. --- Asset. --- Balance sheet. --- Bank for International Settlements. --- Bank of England. --- Bank of Japan. --- Bank rate. --- Bank. --- Barry Eichengreen. --- Bond (finance). --- Bretton Woods system. --- Canadian dollar. --- Capital control. --- Capital market. --- Central bank. --- Commodity. --- Credibility. --- Credit (finance). --- Credit risk. --- Currency Internationalization. --- Currency competition. --- Currency swap. --- Currency. --- Current account. --- Customer. --- Debt. --- Deflation. --- Determinant. --- Deutsche Mark. --- Devaluation. --- Discounts and allowances. --- Economics. --- Economist. --- Economy. --- Endogeneity (econometrics). --- Estimation. --- European Central Bank. --- Exchange rate. --- Export. --- Federal Reserve Bank. --- Fiat money. --- Finance. --- Financial crisis. --- Financial deepening. --- Financial institution. --- Financial transaction. --- Foreign Exchange Reserves. --- Foreign direct investment. --- Foreign exchange market. --- French franc. --- Gold reserve. --- Gold standard. --- Government debt. --- Gross world product. --- Import. --- Inflation. --- Institution. --- Interest rate. --- International Monetary Fund. --- International monetary systems. --- International trade. --- Internationalization. --- Investment. --- Investor. --- Invoice. --- Issuer. --- Liberalization. --- Local currency. --- Market capitalization. --- Market liquidity. --- Market participant. --- Monetary policy. --- Money market. --- Natural monopoly. --- Network effect. --- Payment. --- Pound sterling. --- Receipt. --- Renminbi. --- Reserve currency. --- Securitization. --- Security (finance). --- Sterling area. --- Store of value. --- Supply (economics). --- Swiss franc. --- Tax. --- Trade credit. --- Treasury Bill. --- U.S. Bancorp. --- Underwriting. --- Unit of account. --- United States dollar. --- Valuation effects. --- World War II. --- World currency. --- World economy.