The International Organization of Credit: States and Global Finance in the World-Economy

The Future of the Dollar—and Its Role in Financial Diplomacy
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The largest companies in the world are getting bigger. Global Finance compares two of the best-known rankings of company size with its own list of the world's Top 10 by market capitalization to provide a comprehensive picture of global corporate goliaths. More and more families are accumulating enough wealth to need not just a private banker, but a whole flock of them, growing the ranks of family offices.

Sometimes jittery markets can make wealthy clients panic. Those are the times when private bankers really earn their fees. Articles with a lock are available only to registered readers. For complete access to the magazine, register now for free. Menu Search Global Finance Magazine. September Editor's Letter.

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Log In. Not registered on GFMag. Register now. Tuesday, September 24, This has been the story of the postwar Bretton Woods institutions, U.

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  7. The global financial cycle: implications for the global economy and the euro area.

Meanwhile, currency power ultimately depends on trust in the intentions of the issuer. The most important economic conferences of the twentieth century convened military and political allies for difficult negotiations around monetary and financial policy.

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Page 27 Share Cite. The WTO is outside the system and does not participate. Dominique Strauss-Kahn. This volume explores significant shortcomings in U. Cheltenham: Elgar. Freeing money: Why have states been more willing to liberalize capital controls than trade barriers?

How much more difficult will these discussions become with strategic rivals around the table? How eager will China or Russia be to cooperate when the G20 leaders next convene to address a global crisis? The United States put its own interests first long before the Trump administration, but it has generally interpreted this to include the construction of global financial rules and institutions that apply to all.

The growing concerns among allies and rivals are the doubts of bank customers who have been told that all fees have been raised because management needs to prioritize shareholders first. At a moment when other economic powers continue to emerge, these agreed rules and shared constraints become all the more important to protect U.

The global financial cycle: implications for the global economy and the euro area

Amid accelerating political and technological change, they become more valuable still. The scope of financial diplomacy is tricky to distinguish from broader applications of economic power, which are often deployed in commercial channels through higher or lower trade barriers or outright embargoes. If the impact of offering or withholding commercial benefits has become diluted in an integrated world of many alternative suppliers, however, the importance of financial tools has grown. Benn Steil and Robert E.

Litan wrote in Financial Statecraft: The Role of Financial Markets in American Foreign Policy that in , some 90 percent of cross-border money flows were related to the trade of goods and services, while in the early s some 90 percent are for investments or swaps or futures or a financial purpose unrelated to trade. Financial diplomacy begins with the coordination of macroeconomic policy, investment regimes and banking regulation, but dollar dominance has given the United States a privileged role in a broad field of negotiations including debt restructuring, battles against terrorism and transborder crime.

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Most notably, targeted financial sanctions have dramatically bolstered political leverage to isolate bad actors like Venezuela over human rights or Russia over transborder aggression. Washington has sometimes failed to capitalize on all these tools due to poor political leadership or bureaucratic dysfunction, but that may make its accomplishments all the more remarkable across two broad areas.

First, U. The ability to impose order on unruly global markets is, in many ways, what distinguishes the dollar from other international currencies. In many of the same ways that the overwhelming power of the U. Federal Reserve and Treasury have played pivotal roles in stabilizing financial markets through swap lines and loans.

As with much U.

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As the ultimate backstop, the United States remains at the center of official conversations about the state of the global economy and the agenda for growth. Washington is still the most influential voice in key institutions that set the framework for macroeconomic cooperation and the rules of banking and finance.

Finally, the United States has been at the table during key negotiations between over-indebted governments and their creditors, usually shaping offers of debt relief in exchange for more transparent markets and stronger rule of law. Remarkably, American influence has also extended beyond stability and sound macroeconomic fundamentals. The impressment of banks to monitor and punish a range of real and suspected rogues stems from their desire to retain access to the dollar system.

The global financial cycle: implications for the global economy and the euro area

This has led to greater cooperation among governments in ad hoc investigations of drug dealers and more coordinated efforts through the Financial Action Task Force FATF. Muscular U. Yet within a few years, governments and banks everywhere signed up and Europe even introduced its own version. Meanwhile, as U. Just as the strength of the U. Still, the forces that have been weakening U. Today, they have become intertwined with a sense of helplessness amid forces of globalization blamed for their withering impact on middle-income families.

In the wake of the global financial crisis, these forces have led to much deeper skepticism about U. In some ways, the shifts echo dynamics around British economic leadership after the First World War, when the cozy arrangements of central bankers to defend the gold standard were upended by a labor movement that had been empowered by its war contributions and pressed for a new approach to international financial policy. More recently, these forces fueled the campaigns of Trump and Senator Bernie Sanders, both of whom decried a U. Indeed, Washington gridlock over fiscal deficits or debt limits might even suggest a deliberate effort to actually undermine confidence in the dollar.

Naturally, doubts about U. Notwithstanding an impressive G20 response led by Washington, the U. They also chafe at the extra-territorial reach of U.

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While financial sanctions against Iran may be viewed as broadly successful, they raised grave concerns in Paris when U. Worries about running afoul of U. Meanwhile, rivals like Russia and China denounce financial sanctions they view as U. With Venezuela financially sealed off by U. Current trends, of course, suggest that other economies will grow and leave the United States with a declining share of the global economy. Challengers and scholars have argued that a world of several, more or less equal reserve currencies would be fairer and more stable.

Indeed, political scientists have long debated the relative merits of a single global hegemon over a system of several competing powers. On global financial and economic matters, the United States has used the system to its own advantage, but a fundamental thrust of postwar financial diplomacy has been to create open, predictable and transparent rules. Even the sharpest tools in the U. Moreover, neither historical precedents nor current scenarios suggest fewer financial crises or more prosperity during periods when several currencies vied for dominance. The tumultuous story of the interwar gold standard alone should give pause to anyone rooting for a multi-currency world.

France never intended to bring the system down, but, as Jonathan Kirshner has observed in Currency and Coercion: The Political Economy of International Monetary Power, its persistent efforts to undercut the dominance of sterling contributed directly to the outcome. While it is possible under current circumstances to imagine that Europe could help stabilize markets in cooperation with the United States, it is difficult to imagine such leadership on its own given its clumsy decisionmaking process.

China still has a long struggle ahead to win over the trust of its immediate neighbors, let alone its global rivals. In a system of several currencies, each of the major players is more likely to seek an edge over its economic area than to enforce rules of trade and investment that benefit everyone. A great irony of the current political landscape is that deep within the turgid prose of international financial communiques lurks a surprisingly populist agenda. The Trump administration seems unlikely to seize the chance, but presidential candidates who emerge in the near future should pay attention.

If the United States is to protect its own financial tools and reinforce the stability of the global system, it must underscore the actual successes and the potential for more progress. For voters concerned about security, the work of the U.

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Treasury and its counterparts through FATF has dramatically improved cooperation against drug gangs and terrorists. For voters who chafe at a political system they view as rigged to favor the rich and powerful, the Organization for Economic Co-operation and Development, the Asia-Pacific Economic Co-operation and others have been developing mechanisms with U. Neither America nor its currency are headed to inevitable decline. Yet a period of populist resentment over current financial structures along with shifting allocations in the global economy have triggered questions about the U.