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E-raamat: Dollar Dominance: Fundamentals, Nature, and Present Structure

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This book critically analyzes the US dollar’s dominance as an international currency through an analysis of US dollar gross balance sheets in the shadow banking system at global, systematically important banks.

It begins by drawing upon Minsky and Kindleberger’s financial fragility hypothesis, explaining how analysis of dynamics in balance sheet expansion helps to reveal the fundamentals of the dollar standard system. It then examines the dollar standard system in the 2000s and during the Global Financial Crisis (GFC) of 2007-2009, showing how endogenous finance of the dollar drove said banks to overstretch their balance sheets. An analysis of the dollar standard system post-crisis suggests that US Treasury securities as universal collateral assets have acted as a bedrock for the present dollar standard system.

Dollar Dominance will interest scholars and graduate students of international finance, monetary systems, money and banking. It is also a useful resource for central bankers, financial regulators, and other finance industry professionals.



This book critically analyzes the US dollar’s dominance as an international currency through an analysis of US dollar gross balance sheets in the shadow banking system at global, systematically important banks.

Arvustused

In the spirit of Minsky and Kindleberger, Tokunaga offers an original account of dollar dominance, highlighting its dynamic and crisis-prone nature. He locates its core in endogenous, collateral-driven shadow banking and balance-sheet dynamics, with United States Treasury securities serving as universal collateral. This distinctive agenda goes beyond available accounts. A must-read!

Hasan Cmert, Associate Professor of Economics at Trinity College, CT, USA

How has the dollar survived at the top of the international currency pyramid through decades of global financial turmoil? Is it destined to remain at the top indefinitely? Junji Tokunagas Dollar Dominance: Fundamentals, Nature, and Present Structure addresses these important questions with careful, painstaking, and extremely clear analyses of the recent history and underlying structures of the international financial markets and their relationship with the US dollar. The book is remarkable in that it tackles enormously complex issuessuch as the underlying 'plumbing' of various financial marketswith great clarity and ease of exposition. I hope all my students read this excellent book. I know I will assign it to them.

Gerald Epstein, Professor of Economics and Co-Director of Political Economy Research Institute (PERI), University of Massachusetts Amherst, USA

This book unravels an enigma as follows: What supports the US dollar hegemony in the last few decades of financialization in which all kinds of wealth present itself as an immense amount of fictitious capital?

Takuyoshi Takada, Emeritus Professor at Chuo University, Tokyo, Japan

Foreword by Gerald Epstein

Preface

List of Abbreviations

Acknowledgements

Part I: Our approach

Chapter
1. Introduction

1. Literature review on the US dollar standard system

2. The money view in offshore context

3. Global capital flows since the 2000s

Chapter
2. Minsky and Kindlebergers framework on endogenous finance of
money

1. Asset and liability management strategy

2. Procyclical mechanism of gross balance sheets during euphoria

3. Characteristics of Minsky and Kindlebergers framework

Part II: The fundamentals of the US dollar standard system

Chapter
3. The comparative advantage of the US shadow banking system in the
2000s

1. The structural shortage of global safe assets in the 2000s

2. Shadow banking system

3. The fuller development of the US shadow banking system in the 2000s

4. The underdevelopment of the shadow banking system in the Eurozone in the
2000s

5. The evolution of US Fed policy

6. The US dollars dominance in the shadow banking system in the 2000s

Part III: The nature of the US dollar standard system

Chapter
4. The endogenous finance of the global dollar in the shadow banking
system in the 2000s

1. Dealer banks in the shadow banking system

2. Global repurchase agreements

3. The endogenously elastic finance of the global dollar in the shadow
banking system

Chapter 5: Global financial fragility during the US housing bubble and the
Global Financial Crisis (GFC) of 2007-09

1. The changes in financial conditions during the US housing bubble

2. The endogenously highly elastic finance of the global dollar in the shadow
banking system

3. The Global Financial Crisis of 2007-09

Part IV: The present structure of the US dollar standard system

Chapter
6. The unparalleled status of US Treasury securities as collateral
assets in the 2010s

1. The evolution in the US Fed role as lender of last resort during the GFC

2. The intensification in the structural shortage of global safe assets in
the 2010s

3. The less developed dynamics in the US shadow banking system in the 2010s

4. The underdevelopment of the shadow banking system in the Eurozone in the
2010s

5. The US Treasury securities as universal collateral assets in the 2010s

Chapter
7. The US dollar standard system at a watershed

1. The structural imbalances for US Treasury market intermediation since the
GFC

2. The COVID-19 financial meltdown in US Treasury markets in March 2020

3. The dysfunctionality in US Treasury securities as universal collateral
assets

Chapter
8. Conclusion
Junji Tokunaga is a Professor at the Department of Economics, Dokkyo University, Saitama, Japan. His research focuses on the international monetary system.
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