Jeffrey A. Frankel
James W. Harpel Professor of Capital Formation and Growth
On Global Currencies
Frankel, Jeffrey A. "On Global Currencies." HKS Faculty Research Working Paper Series RWP09-026, September 1, 2009.
I approach the state of global currency issues by identifying eight concepts that I see as having recently “peaked” and eight more that I see as currently rising in relevance. Those that I see as having already seen their best days are: the G-7, global savings glut, corners hypothesis, proliferating currency unions, inflation targeting (narrowly defined), exorbitant privilege, Bretton Woods II, and currency manipulation. Those that I see as receiving increased emphasis in the future are: the G-20, the IMF, SDR, credit cycle, reserves, intermediate exchange rate regimes, commodity currencies, and multiple international currency system.