Bucking the Buck

US Financial Sanctions and the International Backlash against the Dollar

Daniel McDowell (Autor)

Buch | Softcover

256 Seiten

2023
Oxford University Press Inc (Verlag)
978-0-19-767988-3 (ISBN)

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The 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.

Daniel 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).

Figures
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
Notes

Erscheinungsdatum	15.03.2023
Verlagsort	New York
Sprache	englisch
Maße	235 x 156 mm
Gewicht	367 g
Themenwelt	Sozialwissenschaften ► Politik / Verwaltung ► Europäische / Internationale Politik
Themenwelt	Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
ISBN-10	0-19-767988-9 / 0197679889
ISBN-13	978-0-19-767988-3 / 9780197679883
Zustand	Neuware