TY  - BOOK
AU  - McDowell,Daniel
TI  - Bucking the buck: US financial sanctions and the international backlash against the dollar 
SN  - B0BTQ1Z8TZ
KW  - Economic sanctions, American
KW  - Dollar, American
KW  - Monetary policy
KW  - International finance
KW  - United States
KW  - Foreign economic relations
N1  - Includes bibliographical references and index; Financial sanctions and political risk in the international currency system -- The source and exercise of American financial power -- Sanctions, political risk, and the reserve currency role -- The anti-dollar gold rush : central bank reserves in the age of financial sanctions -- Sanctions, political risk, and the dollar as international payments currency -- Payment politics : anti-dollar responses to sanctions in trade settlement -- Financial sanctions and the dollar's rivals -- Sanctions and China's play for payments power
N2  - "The book's central claim is that US financial sanctions generate political risk in the international currency system. Political risk is defined here as the potential for a political act to raise the expected costs of using a currency for cross-border transactions or as a store of value. Over time, the accumulation of political risk in the system creates incentives for governments to adopt anti-dollar policies to promote the use of currencies or assets other than the dollar for investment and cross-border transactions. Of course, anti-dollar policies may fail. Thus, on their own they do not imply that the dollar is playing a diminishing role in a country's international economic relations. They merely indicate that the government is attempting to bring about such a shift. When sanctions-induced anti-dollar policies do successfully reduce reliance on the dollar, it signifies de-dollarization-the intentional reduction of the dollar's role in a nation's cross-border economic activities. The book explores this argument with a series of empirical chapters that examine the first two decades of the twenty-first century, a period in which the United States steadily increased its use of financial sanctions against foreign adversaries and pariah states"--
ER  -