CHAPTER 25 DEBTOR’S EMPIRE

Chapters in this book

1. Frontmatter i
2. CONTENTS vii
3. PREFACE ix
4. CHAPTER 1 INTRODUCTION 1
5. PART I PAST CHALLENGERS TO DOLLAR DOMINANCE
6. CHAPTER 2 THE SOVIET CHALLENGE 13
7. CHAPTER 3 JAPAN AND THE YEN 25
8. CHAPTER 4 THE SINGLE CURRENCY IN EUROPE 42
9. PART II CHINA
10. CHAPTER 5 THIS TIME IS DIFFERENT 65
11. CHAPTER 6 ZHU RONGJI’S UNCANNY FORECASTS 74
12. CHAPTER 7 THE PEOPLE’S BANK OF CHINA 82
13. CHAPTER 8 PRELUDE TO CRISIS 91
14. CHAPTER 9 THE END OF HIGH GROWTH 96
15. CHAPTER 10 THE INEVITABILITY OF DOLLAR DECOUPLING 110
16. PART III EVERYONE ELSE’S PROBLEM
17. CHAPTER 11 THE LURE OF FIXED EXCHANGE RATES 117
18. CHAPTER 12 HYPERINFLATION 126
19. CHAPTER 13 WHEN EXCHANGE RATE PEGS OUTLIVE THEIR SHELF LIFE 134
20. CHAPTER 14 LEBANON AND ARGENTINA Unique or Prototypical? 145
21. CHAPTER 15 THE TOKYO CONSENSUS 154
22. CHAPTER 16 FIXED EXCHANGE RATES REDUX 161
23. PART IV ALTERNATIVE CURRENCIES
24. CHAPTER 17 GLOBAL CURRENCIES 173
25. CHAPTER 18 CRYPTOCURRENCIES AND THE FUTURE OF MONEY 182
26. CHAPTER 19 CENTRAL BANK DIGITAL CURRENCIES 199
27. PART V THE PERKS AND BURDENS OF BEING THE DOMINANT CURRENCY
28. CHAPTER 20 PERKS OF CURRENCY DOMINANCE 211
29. CHAPTER 21 EXORBITANT PRIVILEGE OR TAXATION WITHOUT REPRESENTATION? 219
30. CHAPTER 22 SMALL WAYS THE UNITED STATES HELPS COUNTRIES DEAL WITH DOLLAR DOMINANCE 229
31. CHAPTER 23 COSTS OF BEING A DOMINANT CURRENCY 236
32. PART VI PEAK DOLLAR DOMINANCE
33. CHAPTER 24 CENTRAL BANK INDEPENDENCE 247
34. CHAPTER 25 DEBTOR’S EMPIRE 262
35. CHAPTER 26 THE SIREN CALL OF “LOWER FOREVER” INTEREST RATES 273
36. CHAPTER 27 THE END OF THE PAX DOLLAR ERA? 289
37. NOTES 293
38. ACKNOWLEDGMENTS 333
39. INDEX 335