Policy Note 2003/7 | December 2003

The Future of the Dollar

Has the Unthinkable Become Thinkable?

The big question is whether the dollar—the world's reserve currency—can survive a steep fall in its value without the active support of the major central banks. Can the United States broker another Plaza Accord, as it did in 1985 when the dollar lost half of its value against the yen and the mark within two years, without jeopardizing its unique international role? Is an orderly retreat for the dollar possible today?

Associated Program:
Korkut A. Ertürk

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