NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Dollar and its Discontents

Olivier Jeanne

NBER Working Paper No. 18143
Issued in June 2012
NBER Program(s):   IFM

Has the US dollar delivered the benefits that the rest of the world is expecting from its holdings of international liquidity? US government debt has been liquid and safe, and it is supplied in sufficient quantity. But it has given a low return to the countries that accumulated the most reserves, especially when those returns are measured in terms of the countries' own consumption. I argue in this paper that the countries that accumulate the most reserves should expect a low return in terms of their own consumption, and that there is little that international monetary reform can do to change that fact.

download in pdf format
   (303 K)

email paper

This paper is available as PDF (303 K) or via email.

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w18143

Published: Jeanne, Olivier, 2012. "The dollar and its discontents," Journal of International Money and Finance, Elsevier, vol. 31(8), pages 1976-1989. citation courtesy of

Users who downloaded this paper also downloaded these:
Aizenman w18138 The Euro and the global crises: finding the balance between short term stabilization and forward looking reforms
Feldstein w17260 What's Next for the Dollar?
Brunnermeier, Eisenbach, and Sannikov w18102 Macroeconomics with Financial Frictions: A Survey
Diamond and He w18160 A Theory of Debt Maturity: The Long and Short of Debt Overhang
Reinhart, Reinhart, and Rogoff w18015 Debt Overhangs: Past and Present
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us