Bucking the Buck
In Bucking the Buck, Daniel McDowell provides a detailed, understandable description of how dollar dominance gives the US sanctions capabilities. McDowell 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. He uses a combination of case studies and statistical analysis to establish 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. McDowell tests whether sanctions undermine the dollar's status, a claim that many pundits have made in the wake of the Russia sanctions.
TABLE OF CONTENTS
Figures
Tables
Preface and Acknowledgements
Abbreviations
Introduction
Chapter 1: Financial Sanctions and Political Risk in the International Currency System
Chapter 2: The Source and Exercise of American Financial Power
Chapter 3: Sanctions, Political Risk, and the Reserve Currency Role
Chapter 4: The Anti-Dollar Gold Rush: Central Bank Reserves in the Age of Financial Sanctions
Chapter 5: Sanctions, Political Risk, and the Dollar as International Payments Currency
Chapter 6: Payment Politics: Anti-Dollar Responses to Sanctions in Trade Settlement
Chapter 7: Financial Sanctions and the Dollar's Rivals
Chapter 8: Sanctions and China's Play for Payments Power
Conclusion
Appendices
References
Notes