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Currency Geography

In: The Dollar-Mark Axis: On Currency Power

Author

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  • Brendan Brown

Abstract

In the quest of a solution to the Grand Problem of the future of the dollar we must gain understanding of how the dollar numeraire achieved its pre-eminence in the contemporary international money marketplace. First we must examine the role of regional trade patterns in promoting currency power. Consider a world in which all currencies were unrestricted and floated freely without any central bank intervention. Currency motion would not be independent: for example, the Canadian dollar would tend to follow the US dollar against European monies, and the Dutch guilder would follow the Deutsche mark against the dollar. The movement of certain large currencies would draw other smaller ones into their orbit. The basis of such influence will be seen to be the trade and investment pre-eminence of the country of issue.

Suggested Citation

  • Brendan Brown, 1979. "Currency Geography," Palgrave Macmillan Books, in: The Dollar-Mark Axis: On Currency Power, chapter 1, pages 1-34, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-04245-6_1
    DOI: 10.1007/978-1-349-04245-6_1
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