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For more than half a century, the dollar has been not just America's currency but the world's. It is used globally by importers, exporters, investors, governments and central banks alike. This singular role of the dollar is a source of strength for the United States. It is, as a critic of U.S. policies once put it, America's "exorbitant privilege."
But now, with U.S. budget deficits extending as far as the eye can see, holding dollars is viewed as a losing proposition. Some say that the dollar may soon cease to be the world's standard currency DS which would depress U.S. living standards and weaken the country's international influence.
In Exorbitant Privilege, one of our foremost economists, Barry Eichengreen, traces the rise of the dollar to international prominence. He shows how the greenback dominated internationally in the second half of the 20th century for the same reasons that the United States dominated the global economy. But now, with the rise of China, India, Brazil and other emerging economies, America no longer towers over the global economy. It follows, Eichengreen argues, that the dollar will not be as
dominant. But this does not mean that coming changes need be sudden and dire DL or that the dollar is doomed to lose its international status. Challenging the presumption that there is room for only one true global currency, Eichengreen shows that several currencies have regularly shared this role. What was
true in the distant past will be true, once again, in the not-too-distant future. The dollar will lose its international currency status, Eichengreen warns, only if the United States repeats the mistakes that led to the financial crisis and only if it fails to put its fiscal and financial house in order.
Incisive, challenging and iconoclastic, Exorbitant Privilege, is a fascinating analysis of the changes that lie ahead. It is a challenge, equally, to those who warn that the dollar is doomed and to those who regard its continuing dominance as inevitable.
But now, with U.S. budget deficits extending as far as the eye can see, holding dollars is viewed as a losing proposition. Some say that the dollar may soon cease to be the world's standard currency DS which would depress U.S. living standards and weaken the country's international influence.
In Exorbitant Privilege, one of our foremost economists, Barry Eichengreen, traces the rise of the dollar to international prominence. He shows how the greenback dominated internationally in the second half of the 20th century for the same reasons that the United States dominated the global economy. But now, with the rise of China, India, Brazil and other emerging economies, America no longer towers over the global economy. It follows, Eichengreen argues, that the dollar will not be as
dominant. But this does not mean that coming changes need be sudden and dire DL or that the dollar is doomed to lose its international status. Challenging the presumption that there is room for only one true global currency, Eichengreen shows that several currencies have regularly shared this role. What was
true in the distant past will be true, once again, in the not-too-distant future. The dollar will lose its international currency status, Eichengreen warns, only if the United States repeats the mistakes that led to the financial crisis and only if it fails to put its fiscal and financial house in order.
Incisive, challenging and iconoclastic, Exorbitant Privilege, is a fascinating analysis of the changes that lie ahead. It is a challenge, equally, to those who warn that the dollar is doomed and to those who regard its continuing dominance as inevitable.
Barry Eichengreen erzählt die Geschichte des Dollar
Der französische Staatspräsident hat im Zusammenhang mit dem Dollar die Bezeichnung "exorbitantes Privileg" geprägt. Sie hat der bekannte amerikanische Wirtschafts- und Finanzhistoriker Barry Eichengreen als Titel für sein neues Buch vorgelegt, das, flott geschrieben und komprimiert aufbereitet, die Geschichte des Dollar erzählt. Abschließend befasst sich Eichengreen mit der Frage, wie gefährdet die Vorrangstellung des Dollar im Lichte der aktuellen Krise noch einzuschätzen ist.
Mit dem "exorbitanten Privileg" meinte Giscard die überragende Rolle des Dollar als De-facto-Weltwährung nach dem Ende des Zweiten Weltkriegs. Der Dollar ist nicht nur die führende Währungsreserve und die dominierende Währung auf den Finanzmärkten. Sie prägt auch die internationalen Gütermärkte. Ein großer Teil der Rohstoffgeschäfte wird in amerikanischer Währung abgewickelt ebenso wie 70 Prozent der australischen Exporte, obgleich nur 6 Prozent der australischen Exporte in die Vereinigten Staaten gehen. Dass Amerika von der Dominanz des Dollar in vielerlei Hinsicht profitiert, räumt Eichengreen ein. Eine der französischen Ideen hinter der Gründung der Europäischen Währungsunion bestand darin, die Dominanz des Dollar anzugreifen.
Wie gefährdet ist diese Dominanz tatsächlich? Eichengreens Kernthese lautet, dass die Dominanz einer nationalen Währung in der Welt keinesfalls eine Notwendigkeit darstellt. Eine aktuelle Gefährdung für die Rolle des Dollar könne aber nur aus den Vereinigten Staaten selbst kommen - durch eine nachhaltig schlechte Wirtschafts-, Geld- und Finanzpolitik.
gb.
Barry Eichengreen: Exorbitant Privilege.
Oxford University Press, New York 2011, 224 Seiten, 27,95 Dollar
Alle Rechte vorbehalten. © F.A.Z. GmbH, Frankfurt am Main