Table of Contents
List of Figures and Tables ix
Preface xi
PART ONE Setting the Stage
1. Prologue 3
2. What Is So Special about the Dollar? 11
PART TWO Building Blocks
3. The Paradox of Uphill Capital Flows 31
4. Emerging Markets Get Religion 47
5. The Quest for Safety 63
6. A Trillion Dollar Con Game? 89
PART THREE Inadequate Institutions
7. Currency Wars 125
8. Seeking a Truce on Currency Wars 158
9. It Takes Twenty to Tango 171
10. The Siren Song of Capital Controls 188
11. Safety Nets with Gaping Holes 201
PART FOUR Currency Competition
12. Is the Renminbi Ready for Prime Time? 229
13. Other Contenders Nipping at the Dollar’s Heels 262
14. Could the Dollar Hit a Tipping Point and Sink? 283
15. Ultimate Paradox: Fragility Breeds Stability 299
Appendix 309
Notes 317
References 375
Acknowledgments 393
Index 395