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OverviewThe US dollar is the world's indispensable currency. The dollar's preeminent status gives the United States enormous coercive powers which it flexes in the form of financial sanctions to punish its adversaries. Over the last twenty years, Washington has relied on financial sanctions with greater and greater frequency. Bucking the Buck argues that the more the United States wields the dollar as a weapon of foreign policy, the more its adversaries will move their international economic activities into other currencies to avoid Washington's coercive reach. Through a combination of case studies and statistical analysis, the book establishes a relationship between US financial sanctions and the rise of ""anti-dollar"" policies, which are designed to reduce an economy's reliance on the US currency. Though some anti-dollar policies fail to achieve this goal, McDowell's analysis indicates that in many cases they are successful. Patterns of ""de-dollarization"" following sanctions are clear. In some cases, the anticipation of future sanctions may provoke similar policy measures. Though McDowell does not conclude that sanctions threaten the dollar's status as the world's key currency, the potential consequences of sanctions overuse remain important. Most notably, the use of sanctions may, over time, weaken their effectiveness as US adversaries develop systems and methods to minimize costs associated with such measures. If the United States wishes to preserve the potency of financial sanctions and protect the dollar's dominant position in the world economy, Bucking the Buck argues that Washington's approach to sanctions use should become more discerning. Full Product DetailsAuthor: Daniel McDowell (Associate Professor of Political Science, Associate Professor of Political Science, Syracuse University)Publisher: Oxford University Press Inc Imprint: Oxford University Press Inc Dimensions: Width: 23.50cm , Height: 2.70cm , Length: 15.60cm Weight: 0.699kg ISBN: 9780197679876ISBN 10: 0197679870 Pages: 256 Publication Date: 10 July 2023 Audience: Professional and scholarly , Professional & Vocational Format: Hardback Publisher's Status: Active Availability: To order  Stock availability from the supplier is unknown. We will order it for you and ship this item to you once it is received by us. Table of ContentsFigures Tables Preface and Acknowledgements Abbreviations Introduction CH. 1 Financial Sanctions and Political Risk in the International Currency System CH. 2 The Source and Exercise of American Financial Power CH. 3 Sanctions, Political Risk, and the Reserve Currency Role CH. 4 The Anti-Dollar Gold Rush: Central Bank Reserves in the Age of Financial Sanctions CH. 5 Sanctions, Political Risk, and the Dollar as International Payments Currency CH. 6 Payment Politics: Anti-Dollar Responses to Sanctions in Trade Settlement CH. 7 Financial Sanctions and the Dollar's Rivals CH. 8 Sanctions and China's Play for Payments Power Conclusion Appendices References NotesReviewsThe book is invaluable for understanding many current issues in international political economy...Highly recommended. Graduate students, faculty, and professionals. * Choice * Author InformationDaniel McDowell is Associate Professor of Political Science at the Maxwell School of Citizenship and Public Affairs at Syracuse University and a 2022-23 Wilson China Fellow at the Wilson Center. His research focuses on the international politics of money and finance, with a focus on the role of the United States and China in these arenas. He is the author of numerous articles in top international relations journals as well as Brother, Can You Spare a Billion? The United States, the IMF, and the International Lender of Last Resort (Oxford, 2017). Tab Content 6Author Website:Countries AvailableAll regions |
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