On Global Currencies
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CitationFrankel, Jeffrey A. 2009. On Global Currencies. HKS Faculty Research Working Paper Series RWP09-026, John F. Kennedy School of Government, Harvard University.
AbstractI approach the state of global currency issues by identifying eight concepts that I see as having recently “peaked” and eight more that I see as currently rising in relevance. Those that I see as having already seen their best days are: the G-7, global savings glut, corners hypothesis, proliferating currency unions, inflation targeting (narrowly defined), exorbitant privilege, Bretton Woods II, and currency manipulation. Those that I see as receiving increased emphasis in the future are: the G-20, the IMF, SDR, credit cycle, reserves, intermediate exchange rate regimes, commodity currencies, and multiple international currency system.
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