HKS Affiliated Authors

Excerpt

Harvard Professor Jeffrey Frankel: The Dollar and Its Rivals. Jeffrey Frankel, November 21, 2013, Opinion. "Since 1976, the US dollar’s role as an international currency has been slowly waning. International use of the dollar to hold foreign-exchange reserves, denominate financial transactions, invoice trade, and as a vehicle in currency markets is below its level during the heyday of the Bretton Woods era, from 1945 to 1971. But most people would be surprised by what the most recent numbers show. There is an abundance of explanations for the downward trend. Since the Vietnam War, US budget deficits, money creation, and current-account..." Link verified March 28, 2014