Working Papers

Mundell’s Long View on the US Dollar

Nobel laureate Robert Mundell’s long view on the big dollar:

HONG KONG—As the audience at the Asia Society’s May gala dinner here sips their coffee, the moderator allows one more question from the audience for Nobel economics laureate Robert Mundell. A Chinese gentleman stands to ask how much longer the U.S. dollar would remain the world’s reserve currency. The query seems like the perfect set-up for the world’s foremost expert on monetary policy and a well-known “friend of China” to predict the rise to pre-eminence of China’s currency.

Instead, Mr. Mundell says that China is still far behind the U.S. in economic strength and stability. “I think the dollar era is going to last a long time . . . perhaps another hundred years.”

Nouriel Roubini’s worst nightmare.

posted on 09 June 2007 by skirchner in Economics, Financial Markets

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