The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance

27 Februar 2014
17:30  - 19:00
Room E.20, House of Finance, Campus Westend

Eswar S. Prasad, Tolani Senior Professor of Trade Policy at Cornell University

The U.S. dollar’s dominance seems under threat. The near collapse of the U.S. financial system in 2008-2009, political paralysis that has blocked effective policymaking, and the emergence of the Chinese renminbi have heightened speculation about the dollar’s displacement as the main reserve currency.

Eswar Prasad will talk about his new book, The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance, which counters this conventional wisdom. Prasad will argue that the financial crisis, a dysfunctional international monetary system, and U.S. policies have paradoxically strengthened the dollar ’s importance. His book offers a panoramic analysis of the fragile state of global finance and makes a compelling case that, despite all its flaws, the dollar will remain the ultimate safe haven currency. Prasad will also offer his views on the renminbi's potential as a reserve currency, putting it in the context of China's growth prospects.

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