학술저널
The Dollar and its Discontents
- 서울대학교 경제연구소
- Seoul Journal of Economics
- Seoul Journal of Economics Volume 34 No.1
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2021.021 - 15 (15 pages)
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DOI : 10.22904/sje.2021.34.1.001
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The dollar fell by 10 per cent between its March 2020 high and the end of the calendar year, and many banks and forecasters expect it to fall further, by as much as 35 per cent in 2021. Dollar skeptics cite the end of safe-haven flows following the approval of COVID vaccines, the Federal Reserve’s aggressive quantitative easing, America’s twin deficits, and the rise of viable alternatives to the greenback. This article argues, in contrast, that this dollar pessimism is overdrawn.
I. Introduction
II. Safe Haven Flows
III. Federal Reserve Balance-Sheet Expansion
IV. Twin Deficits
V. The Revenge of Geopolitics
VI. Conclusion
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