HKS Affiliated Authors

Frank and Denie Weil Director of the Mossavar-Rahmani Center for Business and Government
Charles W. Eliot University Professor


September 2023, Video: "Larry Summers On Dollar: In this Express Adda, Anant Goenka, Executive Director, The Indian Express discusses the US dollar's global status with Larry Summers, President Emeritus, Harvard University. Summers asserted that concerns about the dollar's decline are common but historically unsubstantiated. " Under Secretary Benson, at the beginning of the Clinton administration, there has never been a five year period when there wasn't an upsurge of concern about the dollar losing its role in the system. Okay. And there's never been a moment when that concern proved warranted. I believe if you look at the history of currency transitions, most notably the transition away from the British pound, as a reserve currency. I think the lesson is pretty clear. You don't lose your reserve currency status, until it's far from your biggest problem," said Larry Summers. Larry Summers emphasized that maintaining strong fundamentals and wise policies will ensure the dollar's continued global prominence, even as deficits rise." Watch Via The Indian Express