For half a century, the United States has garnered substantial political and economic benefits as a result of the dollar's de facto role as a global currency. In recent years, however, the dollar's preponderant position in world markets has come under challenge. The dollar has been more volatile than ever against foreign currencies, and various nations have switched to non-dollar instruments in their transactions. China and the Arab Gulf states continue to hold massive amounts of U.S. government obligations, in effect subsidizing U.S. current account deficits, and those holdings are a point of potential vulnerability for American policy.

What is the future of the U.S. dollar as an international currency? Will predictions of its demise end up just as inaccurate as those that have accompanied major international financial crises since the early 1970s? Analysts disagree, often profoundly, in their answers to these questions. In The Future of the Dollar, leading scholars of dollar's international role bring multidisciplinary perspectives and a range of contrasting predictions to the question of the dollar's future. This timely book provides readers with a clear sense of why such disagreements exist and it outlines a variety of future scenarios and the possible political implications for the United States and the world.

Eric Helleiner

Eric Helleiner is Professor and Faculty of Arts Chair in International Political Economy, Department of Political Science and Balsillie School of International Affairs, University of Waterloo. He is the author of Towards North American Monetary Union? as well as the Cornell titles Forgotten Foundations of Bretton Woods: International Development and the Making of the Postwar Order, States and the Reemergence of Global Finance, and The Making of National Money.

Jonathan Kirshner

Jonathan Kirshner is Professor of Government at Cornell University. He is the author of Appeasing Bankers: Financial Caution on the Road to War and Hollywood's Last Golden Age: Politics, Society, and the Seventies Film in America as well as the coeditor of The Future of the Dollar.