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
