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Same as it ever was? Continuity and change in the international monetary system

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  • Jonathan Kirshner

Abstract

For at least a decade, many have argued that the predominance of the dollar as the world's currency will gradually erode, and give way to a more multipolar international monetary order. The four papers in this special issue challenge this conventional wisdom, and hold that the hegemony of the dollar remains irresistible and unchallenged. Looking carefully at available evidence, each paper argues forcefully that the dollar remains predominant, and that expectations of its decline are greatly exaggerated. Nevertheless, although the dollar stands unrivaled at the moment, the pillars of support that have historically sustained its hegemony are eroding. Three warning signs loom especially large: regarding the trajectory of American power and international influence, the role of international politics in shaping the international monetary order, and the outcomes generated by the U.S. political system. Each of these should give pause about the sustainability of unrivaled dollar hegemony indefinitely into the future.

Suggested Citation

  • Jonathan Kirshner, 2014. "Same as it ever was? Continuity and change in the international monetary system," Review of International Political Economy, Taylor & Francis Journals, vol. 21(5), pages 1007-1016, October.
    • Handle: RePEc:taf:rripxx:v:21:y:2014:i:5:p:1007-1016
    DOI: 10.1080/09692290.2014.946435
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    References listed on IDEAS

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    1. Eswar S. Prasad, 2015. "The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance," Economics Books, Princeton University Press, edition 1, volume 1, number 10182-2.
    2. Eichengreen, Barry, 2012. "Exorbitant Privilege: The Rise and Fall of the Dollar," OUP Catalogue, Oxford University Press, number 9780199642472.
    3. World Bank, 2011. "Global Development Horizons 2011 : Multipolarity - The New Global Economy," World Bank Publications - Books, The World Bank Group, number 2313.
    4. Eichengreen, Barry, 1996. "Golden Fetters: The Gold Standard and the Great Depression, 1919-1939," OUP Catalogue, Oxford University Press, number 9780195101133, December.
    5. Drezner, Daniel W., 2014. "The System Worked: How the World Stopped Another Great Depression," OUP Catalogue, Oxford University Press, number 9780195373844.
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    Cited by:

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    2. Stefan Angrick, 2018. "Structural conditions for currency internationalization: international finance and the survival constraint," Review of International Political Economy, Taylor & Francis Journals, vol. 25(5), pages 699-725, September.

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