Daniel W. Drezner

So what’s gonna happen to the dollar, anyway?

At APSA today I attended a panel on what political scientists can offer to political journalists.  Mark Schmitt, Marc Ambinder, Matt Yglesias, Mark Blumenthal, and Ezra Klein all offered interesting advice.   Two messages that came through loud and clear:  1)  Be willing to advertise one’s research wares; and 2)  Mr. Gorbachev, tear down these paywalls Make the research accessible ...

At APSA today I attended a panel on what political scientists can offer to political journalists.  Mark Schmitt, Marc Ambinder, Matt Yglesias, Mark Blumenthal, and Ezra Klein all offered interesting advice.   Two messages that came through loud and clear: 

1)  Be willing to advertise one’s research wares; and

2)  Mr. Gorbachev, tear down these paywalls Make the research accessible to people without a JSTOR account. 

So, in that spirit, let me announce that I have an article in the latest issue of International Relations of the Asia-Pacific entitled "Will Currency Follow The Flag?" It’s on the future of the U.S. dollar as the world’s reserve currency.  The abstract: 

The 2008 financial crisis and its aftermath have triggered uncertainty about the future of the dollar as the world’s reserve currency. China and other countries in the Asia-Pacific region have voiced support for a new global monetary regime. There are both economic and geopolitical motivations at the root of these challenges. Going forward, what will the future hold for the international monetary system? Crudely put, will currency follow the flag?

This article addresses this question by considering the economic opportunity and geopolitical willingness of actors in the Pacific Rim to shift away from the current international monetary system – with a special emphasis on China as the most powerful actor in the region. While the dollar has shifted from being a top currency to a negotiated one, neither the opportunity nor the willingness to shift away from the dollar is particularly strong. The current window of opportunity for actors in the region to coordinate a shift in the monetary system is small and constrained. The geopolitical willingness to subordinate monetary politics to security concerns is muted.

The entire article is free for anyone to download and read.  So read the whole thing, political journalists!! 

Daniel W. Drezner is a professor of international politics at the Fletcher School of Law and Diplomacy at Tufts University and the author of Theories of International Politics and Zombies. His latest book is The Toddler in Chief. Twitter: @dandrezner

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