Skip to main content
Article thumbnail
Location of Repository

The Dollar and its Discontents

By Olivier Jeanne


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:
Provided by: CiteSeerX
Download PDF:
Sorry, we are unable to provide the full text but you may find it at the following location(s):
  • (external link)
  • (external link)
  • Suggested articles

    To submit an update or takedown request for this paper, please submit an Update/Correction/Removal Request.