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26min chapter
Steven Kamin and Mark Sobel on the Current State of Dollar Dominance
Macro Musings with David Beckworth
The Persistence of Dollar Dominance
This chapter delves into the enduring dominance of the US dollar in global finance, examining factors such as historical contexts, economic strengths of the United States, and challenges to alternative currencies like the euro and Chinese RMB. The speakers discuss the implications of dollarization, including the impact of financial sanctions, potential scenarios for a shift in global currency dynamics, and the complexities of moving away from dollar-denominated assets. Additionally, the chapter explores the role of stablecoins, cryptocurrencies, and the influence of financial sanctions on maintaining the dollar's position as the primary international reserve currency.
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