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Zahlungsbilanzstruktur, Leitwährungsfunktion und die Zukunft des Dollars

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Herr, H. Zahlungsbilanzstruktur, Leitwährungsfunktion und die Zukunft des Dollars. Credit and Capital Markets – Kredit und Kapital, 24(4), 443-467. https://doi.org/10.3790/ccm.24.4.443
Herr, Hansjörg "Zahlungsbilanzstruktur, Leitwährungsfunktion und die Zukunft des Dollars" Credit and Capital Markets – Kredit und Kapital 24.4, 1991, 443-467. https://doi.org/10.3790/ccm.24.4.443
Herr, Hansjörg (1991): Zahlungsbilanzstruktur, Leitwährungsfunktion und die Zukunft des Dollars, in: Credit and Capital Markets – Kredit und Kapital, vol. 24, iss. 4, 443-467, [online] https://doi.org/10.3790/ccm.24.4.443

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Zahlungsbilanzstruktur, Leitwährungsfunktion und die Zukunft des Dollars

Herr, Hansjörg

Credit and Capital Markets – Kredit und Kapital, Vol. 24 (1991), Iss. 4 : pp. 443–467

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Hansjörg Herr, Berlin

References

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  13. Grubel, H. G. (1969): The Distribution of Seigniorage from International Liquidity Creation. In: Mundell, R. A., Swoboda, A. K. (eds.), Monetary Problems of the International Economy, Chicago.  Google Scholar
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  34. Riese, H. (1986): Theorie der Inflation, Tübingen.  Google Scholar
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  37. Spahn, H.-P. (1989): Währungsstabilität und außenwirtschaftliches Gleichgewicht - Überlegungen zur geldpolitischen Linie der Deutschen Bundesbank. In: Riese, H., Spahn, H.-P. (Hrsg.), Geldpolitik in der ökonomischen Entwicklung der Bundesrepublik Deutschland, Regensburg.  Google Scholar
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  44. Whitman, v. M.N. (1980): Comments zu Dornbusch. Brookings Papers on Economic Activity.  Google Scholar
  45. Betz, K., Lüken-Klaßen, M. (1989): Weltmarkt und Abhängigkeit. In: Riese, H., Spahn, H.-P. (Hrsg.), Internationale Geldwirtschaft, Regensburg.  Google Scholar
  46. Blackburn, K., Christensen, M. (1989): Monetary Policy and Policy Credibility: Theories and Evidence. The Journal of Economic Literature, Vol. 17.  Google Scholar
  47. Bundesbank (1990): Monatsberichte, Januar. – Cohen, B. J. (1971): The Seigniorare Gain of an International Currency: An Empirical Test. Quarterly Journal of Economics, Vol. 85.  Google Scholar
  48. Calleo, D. P. (1980): Inflation and American Power. Foreign Affairs, Vol. 59.  Google Scholar
  49. Calleo, D. P., Cleveland van, H. B., Silk, L. (1988): The Dollar and the Defense of the West. Foreign Affairs, Vol. 66.  Google Scholar
  50. Davidson, P. (1982): Rational Expectation: A Fallacious Foundation for Studying Crucial Decision-Making Processes. Journal of Post-Keynesian Economics, Vol.5.  Google Scholar
  51. Domar, D. (1950): The Effect of Foreign Investment on the Balance of Payments. The American Economic Review, Vol. 40.  Google Scholar
  52. Dornbusch, R. (1976): Expectations and Exchange Rate Dynamics. Journal of Political Economy, Vol. 84.  Google Scholar
  53. Dornbusch, R. (1980): Exchange Rate Economics: Where Do We Stand? Brookings Papers on Economic Activity.  Google Scholar
  54. Dornbusch, R., Frankel, J. (1988): The Flexible Exchange Rate System. Experience and Alternatives. In: Borner, S. (ed.), International Finance and Trade in a Polycentric World, London.  Google Scholar
  55. Ford, A. G. (1962): The Gold Standard 1880 – 1914. Britain and Argentina, Oxford.  Google Scholar
  56. Frankel, J. (1986): The Implications of Mean-Variance Optimization for Four Questions in International Finance. Journal of International Money and Finance, Supplement, March.  Google Scholar
  57. Grubel, H. G. (1969): The Distribution of Seigniorage from International Liquidity Creation. In: Mundell, R. A., Swoboda, A. K. (eds.), Monetary Problems of the International Economy, Chicago.  Google Scholar
  58. Guerrieri, P., Padoan, P. C. (1986): Neomercantilism and International Economic Stability. International Organisation, Vol. 38. – Herr, H. (1990): Der bundesdeutsche und japanische Merkantilismus und seine Folgen. In: Spahn, H.  Google Scholar
  59. P. (Hrsg.), Wirtschaftspolitische Strategien – Probleme ökonomischer Stabilität und Entwicklung in den Industrieländern und der Europäischen Gemeinschaft, Regensburg.  Google Scholar
  60. Herr, H., Spahn, H.-P. (1989): Staatsverschuldung, Zahlungsbilanz und Wechselkurs. Außenwirtschaftliche Spielräume und Grenzen der Fiskalpolitik, Regensburg.  Google Scholar
  61. Johnson, H. G. (1969): A Note on Seigniorage and the Social Saving from Substituting Credit for Commodity Money. In: Mundell, R. A., Swoboda, A. K. (eds.), Monetary Problems of the International Economy, Chicago.  Google Scholar
  62. Keynes, J. M. (1913): Indian Currency and Finance, London. – Keynes, J. M. (1936): Allgemeine Theorie der Beschäftigung, des Zinses und des Geldes, Berlin.  Google Scholar
  63. Kindleberger, C. P. (1966): Capital Movements and International Payment Adjustment, Konjunkturpolitik, Vol.12.  Google Scholar
  64. Kindleberger, C. P. (1981): Dominance and Leadership in the International Economy: Exploitation, Public Goods, and Free Riders. International Studies Quarterly, Vol. 25.  Google Scholar
  65. Kindleberger, C. P. (1983): Key Currencies and Financial Centres. In: Machlup, M. u.a. (eds.), Reflection on a Troubled World Economy, London.  Google Scholar
  66. Kindleberger, C. P. (1985): The Dollar Yesterday, Today, and Tomorrow. Banca Nazionale del Lavoro Quarterly Review, Vol. 38.  Google Scholar
  67. Kitamura, H. (1941): Zur Theorie des internationalen Handels, Weinfelden.  Google Scholar
  68. Klein, B. (1974): The Competitive Supply of Money. Journal of Money, Credit and Banking, Vol. 6.  Google Scholar
  69. Klein, B. (1978): Competing Monies, European Monetary Union and the Dollar. In: Fratianni, M., Peeters, T. (eds.), One Money for Europe, New York.  Google Scholar
  70. Kregel, J. A. (1976): Economic Methodology in the Face of Uncertainty: The Modelling Methods of Keynes and the Post-Keynesians. The Economic Journal, Vol. 86.  Google Scholar
  71. Krugman, P.R. (1985): Is the Strong Dollar Sustainable? National Bureau of Economic Research, Working Paper 1644.  Google Scholar
  72. Krugman, P. R. (1989): Vehicle Currencies and The Structure of International Exchange. Journal of Money, Credit and Banking, Vol. 12.  Google Scholar
  73. Lindert, P.H. (1969): Key Currencies and Gold 1900 – 1913, Princeton Studies in International Finance, No. 24.  Google Scholar
  74. Lucas, R. E. Jr. (1976): Econometric Policy Evaluation: A Critique. In: Brunner, K., Meltzer, A. (eds.), Carnegie-Rochester Series on Public Policy, Vol.1, Amsterdam.  Google Scholar
  75. Meese, R. (1990): Currency Fluctuations in the Post-Bretton Woods Era. Journal of Economic Perspectives, Vol. 4.  Google Scholar
  76. Minsky, H. P. (1979): Financial Interrelations, The Balance of Payments and the Dollar Crisis. In: Aronson, J. D. (ed.), Debt and the Less Developed Countries, Boulder. – Mundell, R. A. (1968): International Economics, New York / London.  Google Scholar
  77. Padoa-Schioppa, T., Papadia, F. (1984): Competing Currencies and Monetary Stability. In: Masera, R. S., Triffin, R. (eds.), Europe’s Money, Oxford.  Google Scholar
  78. Riese, H. (1986): Theorie der Inflation, Tübingen.  Google Scholar
  79. Riese, H. (1989): Geldpolitik bei Preisniveaustabilität. Anmerkungen zur Politik der Deutschen Bundesbank. In: Ramser, H. J., Riese, H. (Hrsg.), Beiträge zur angewandten Wirtschaftsforschung, Berlin / Heidelberg.  Google Scholar
  80. Salant, W. (1966): Capital Markets and The Balance of Payments of a Financial Center. In: Triffin, R. u.a. (eds.), Maintaining and Restoring Balance in International Payments, Princeton.  Google Scholar
  81. Spahn, H.-P. (1989): Währungsstabilität und außenwirtschaftliches Gleichgewicht – Überlegungen zur geldpolitischen Linie der Deutschen Bundesbank. In: Riese, H., Spahn, H.-P. (Hrsg.), Geldpolitik in der ökonomischen Entwicklung der Bundesrepublik Deutschland, Regensburg.  Google Scholar
  82. Stadermann, H.-J. (1987): Der unaufhaltsame Abstieg eines Leitwährungslandes. Kredit und Kapital, Vol. 20.  Google Scholar
  83. Stützel, W. (1978): Volkswirtschaftliche Saldenmechanik, Tübingen.  Google Scholar
  84. Swoboda, A. K. (1968): The Euro-Dollar Market: An Interpretation. Essays in International Finance, No. 64, International Finance Section, Princeton University.  Google Scholar
  85. Vandenbroucke, F. (1985): Conflicts in International Economic Policy and the World Recession: A Theoretical Analysis. Cambridge Journal of Economics, Vol. 9.  Google Scholar
  86. Vines, D. (1980): Competitiveness, Technical Progress and Balance of Trade Surpluses. The Manchester School, Vol. 48.  Google Scholar
  87. Westphal, A., Herr, H., Heine, M., Busch, M. (Hrsg.) (1991): Wirtschaftspolitische Konsequenzen der deutschen Vereinigung, Frankfurt/M.  Google Scholar
  88. Whitman, v. M.N. (1980): Comments zu Dornbusch. Brookings Papers on Economic Activity.  Google Scholar

Abstract

Balance-of-Payments Pattern, Reserve-Currency Function and the Future of the US Dollar

The quality of a currency as an instrument for safeguarding the value of property may be expressed by the expected ups and downs of its exchange rate. In the last analysis, this quality depends on the relative scarcity of money and, thus, on the national government’s monetary policy. By contrast, there is not of necessity any such relation between net current-balance deficits/surpluses and the quality of a currency as an instrument for safeguarding the value of property. Reserve currencies are atthetop of the international monetary hierarchy and represent the best instrument for keeping the value of property stable. Current-balance deficits run by reserve-currency countries may reflect an international interest in holding the currency concerned. Reservecurrency countries’ deficits on current account stabilize a monetary system since they take the explosives out from a mercantilistic zero-sum game played by non-reservecurrency countries. However, reserve-currency countries are in a position to overexploit their functions by contracting external debts in their own currencies and by subsequently devaluing their currencies. In spite of the fact that the USA’s role has lost in weight in relative terms, internationally, the US dollar will continue to be the number-one currency in the world for quite some time to come. The US dollar’s instability since the 1970s is indicative not so much of the erosion of the international role of the dollar, but of the overexploitation of the US dollar’s reserve-currency function through a policy of “benign neglect” pursued by the US Government