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The Dollar and its Discontents

By Olivier Jeanne

Abstract

Has the US dollar delivered the benefits that the rest of the world is expecting from international liquidity? US government debt has been liquid, safe and it has been 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 (the “saver’s curse”), and that there is little that international monetary reform can do to change that fact

Topics: JEL codes, F36, F43 Keywords, international monetary system, Triffin dilemma, international reserves
Year: 2012
OAI identifier: oai:CiteSeerX.psu:10.1.1.352.2028
Provided by: CiteSeerX
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