…the form of foreign debt—including U.S. Treasury bonds—and liabilities issued in the form of equity, primarily foreign direct investment, and denominated in the domestic currency. This composition, known as “long…

…of the U.S. dollar, and pointed out that a multi-reserve currency system could be a viable alternative to the current arrangement. The use of China’s renminbi as a regional currency…

…against his critics (some of whom did not dispute his facts but rather argued the policy was unwise for other reasons). He argued that indeed lower values of the currency…

…the U.S. dollar as a safe asset and as a reserve currency. He also cites the special role of the U.S. currency as an invoice currency for international trade and…

…In a recent conference, the distinguished economist Paul Krugman repeated the oft-heard critique that the eurozone is not an optimal currency area. Waltraud Schelkle disagrees with this characterization, and argues…

…an Global Financial Crises in Historical Perspective.” During the Bretton Woods era, central banks cooperated to sustain the fixed exchange rate system. In 1962, the U.S. established bilateral currency swaps…

…yen, and the loan repaid. As long as the funding currency had not appreciated in value, the trader would profit from the difference in returns. A profitable carry trade, however,…

…of the stability and growth pact was concern, especially, German concern about the introduction of the Euro. Somehow it was decided that Europe should have a single currency (I don’t…

…in gold rather than in paper currency (which were used to buy the bonds) for the five-twenties bonds used to fund the Civil War. The reasoning for preferring gold was…

…rising dollar doesn’t lift all boats. Some exporters have been hit as the stronger domestic currency makes them less competitive in overseas markets, while also creating economic headaches around the…