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The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance by [Eswar S. Prasad]

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The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance Kindle Edition

4.2 out of 5 stars 37 ratings

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Review

"Winner of the 2015 Gold Medal in Economics, Axiom Business Book Awards"

"Honorable Mention for the 2015 PROSE Award in Business, Finance & Management, Association of American Publishers"

"One of Financial Times (FT.com) Best Economics Books of 2014, chosen by Martin Wolf"

"One of China Business News’ Financial Books of the Year for 2014"

"Thoughtful."
---Jeff Sommer, New York Times

"[A] surprising argument. . . . [L]ucid."
---David Wessel, Wall Street Journal

"Richly detailed study of global finances, examining how and why the dollar became the favored currency of international trade." ―
Kirkus

"To understand how the world of international finance works, what the agendas are and what is at stake, this work is indispensable."
---Henny Sender, Financial Times

"In his authoritative new book on the dollar, Eswar Prasad . . . argues that China and other foreign countries that own around half the outstanding US federal government debt are trapped in a risky game where the US may be tempted to renege on its debt obligations by printing more dollars."
---John Plender, Financial Times

"A lively and compelling analysis on currency wars in the wake of the financial crisis--and the likely persistence of the U.S. dollar as the world's pre-eminent currency."
---Harold James, Central Banking Journal

"This is a very well researched and thoughtfully written book, which rightly received several awards. . . . Very worthwhile reading. It is well written and very convincing."
---Michael Frenkel, Journal of Economics and Statistics --This text refers to the paperback edition.

Review

"As Eswar Prasad points out, there is something paradoxical about a world where the dollar strengthens with the U.S. financial crisis, capital flows from poor countries to rich ones, and more sophisticated finance often leads to greater risk. Prasad's book unpacks these paradoxes in a provocative and challenging way. It deserves the attention of all those who care about the future of the dollar and the international monetary system."―Lawrence H. Summers, Harvard University

"Combining history, modern analysis, and practical examples, this elegant book counters conventional wisdom and brilliantly documents why it's so hard to escape the dollar trap. Prasad describes an increasingly unstable equilibrium that begs for better international policy coordination and he sets out fascinating and important alternatives that will particularly interest policymakers and investors. A must-read for all concerned about the dollar's global role."
―Mohamed A. El-Erian, author of When Markets Collide and CEO of PIMCO

"At a time when the global repercussions of U.S. monetary policy are being closely examined,
The Dollar Trap takes an authoritative look at the dollar's role in the international economy. The discussion of capital flows and the historical rise and fall of reserve currencies provides insights into the turbulent post-financial-crisis era and serves as a roadmap for thinking about the dollar's future. A must-read for anyone interested in how the wheels of international finance spin."―Carmen M. Reinhart, Harvard University

"Prasad tackles one of the toughest and most important implications of the 2008 financial crisis―the exorbitant privilege that has long been accorded the almighty U.S. dollar as the world's dominant reserve currency. While he argues convincingly that this status is unlikely to change in the years immediately ahead, he plants seeds that make the reader ponder when―not if―the dominant role of the greenback might start to change."
―Stephen Roach, Yale University and former chairman of Morgan Stanley Asia

"This book makes a compelling case against the conventional wisdom that the dollar's dominance is drawing to an end. Prasad provides an elegantly written and provocative account of the various paradoxes that beset the global financial system, and shows how the United States holds many trump cards that will secure the dollar's primacy for a long time to come."
―Nouriel Roubini, coauthor of Crisis Economics

"Giving an insightful look at a problematic international monetary system,
The Dollar Trap draws conclusions that may comfort some but disturb others. To those caught in the trap there remains a strong desire to find a safe way out. The guardians of the dollar should have the time and the political will to act, in order to demonstrate that this is all unnecessary."―Joseph Yam, former chief executive of the Hong Kong Monetary Authority

"Scholarly and yet eminently readable, this outstanding book should be compulsory reading for Indian policymakers, market participants, and all those concerned with the Indian economy. I fully endorse the masterly analysis, clear conclusions, and elegant articulation in this book on a subject critical for India's future. This provocative, informative, and incisive book fills a huge void in our understanding of the future of the dollar and indeed of the global economy."
―Yaga Venugopal Reddy, former governor of the Reserve Bank of India

"Adopting a contrarian view to the idea that the dollar's role as a global reserve currency will diminish,
The Dollar Trap makes a compelling argument for the continuing relevance of the dollar even in the wake of the global economic dynamics witnessed after 2008 and the rise of emerging markets. Dr. Prasad makes an important contribution to the discussion on the international monetary order. I am sure this book will be of great interest to anyone wanting to understand the forces shaping the global economy, trade, and financial markets."―Chanda Kochhar, managing director and CEO of ICICI Bank --This text refers to the paperback edition.

Product details

  • ASIN ‏ : ‎ B00WAM1A8C
  • Publisher ‏ : ‎ Princeton University Press; Revised edition (Aug. 25 2015)
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 8855 KB
  • Text-to-Speech ‏ : ‎ Enabled
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Not Enabled
  • Word Wise ‏ : ‎ Enabled
  • Print length ‏ : ‎ 423 pages
  • Page numbers source ISBN ‏ : ‎ 0691161127
  • Customer Reviews:
    4.2 out of 5 stars 37 ratings

About the author

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Eswar Prasad is the Tolani Senior Professor of Trade Policy at Cornell University. He is also a Senior Fellow at the Brookings Institution, where he holds the New Century Chair in International Economics, and a Research Associate at the National Bureau of Economic Research. He was previously chief of the Financial Studies Division in the International Monetary Fund’s Research Department and, before that, was the head of the IMF’s China Division.

Prasad has testified before various U.S. Congressional committees, including the Senate Finance Committee and House Committee on Financial Services. He was a member of the analytical team that drafted the 2008 report of the High-Level Committee on Financial Sector Reforms set up by the Government of India. He serves on an Advisory Committee to India’s Finance Minister and is the Lead Academic for the DFID-LSE International Growth Center’s India Growth Research Program. He is the creator of the Brookings-Financial Times index of world economic activity (TIGER: Tracking Indices for the Global Economic Recovery; www.ft.com/tiger). His op-ed articles have appeared in the Financial Times, Harvard Business Review, International Herald Tribune, New York Times, Wall Street Journal, Washington Post, and numerous other newspapers.

Eswar Prasad’s previous book, Emerging Markets: Resilience and Growth Amid Global Turmoil (with M. Ayhan Kose; Brookings Institution Press), was published in December 2010. His extensive publication record includes articles in top academic journals as well as numerous collected volumes. He has co-authored and edited numerous books and monographs, including on financial regulation and on China and India. His research interests include the macroeconomics of financial globalization; financial regulation, monetary policy frameworks and exchange rate policies in emerging markets; and the Chinese and Indian economies.

Customer reviews

4.2 out of 5 stars
4.2 out of 5
37 global ratings

Top review from Canada

Reviewed in Canada on May 10, 2022
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Top reviews from other countries

Baraniecki Mark Stuart
3.0 out of 5 stars An Interesting Analysis of the Dollar with some Questionable Conclusions
Reviewed in the United Kingdom on April 13, 2014
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6 people found this helpful
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Peter Pearson
4.0 out of 5 stars An interesting dilemma
Reviewed in the United Kingdom on March 10, 2014
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3 people found this helpful
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gazi ercel
4.0 out of 5 stars Unescabable dollar
Reviewed in the United Kingdom on May 25, 2014
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E. Happel
5.0 out of 5 stars Paradox
Reviewed in Germany on November 21, 2019
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recluse
3.0 out of 5 stars なぜだが2014年2月18日のreviewが消えていたため、再録
Reviewed in Japan on February 14, 2016
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One person found this helpful
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