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of the shrinking US economic weight in the world economy and growing dominant role of the dollar has become more and more …
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Written for a PIIE conference on the 50th anniversary of floating exchange rates, this paper deals with possible alternatives to a unipolar dollar-based system. It considers (1) measures of international currency use; (2) potential challengers to the dollar; (3) network externalities; and (4) the...
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's importance.Eswar Prasad examines how the dollar came to have a central role in the world economy and demonstrates that it will …
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