The dollar rose by about 35 percent in real terms from 1995 through the end of 2001, supporting the booming US economy of the late 1990s but pushing the current account deficit to a record high of almost 5 percent of GDP. This special report provides alternative views of how large a dollar depreciation would be needed to restore a sustainable position (Jim O'Neill, Michael Rosenberg, and Catherine Mann), analyzes the impact of currency misalignments on each of the three major economies (Martin Baily for the United States, William Cline for Japan, and Daniel Gros for Euroland), and discusses the role of exchange market intervention in addressing the issues (Kathryn Dominguez, Edwin M. Truman, and Ernest Preeg).
- Cover
- Contents
- Preface
- Overview
- Chapter 1 Features of a Dollar Decline
- Chapter 2 The Dollar’s Equilibrium Exchange Rate: A Market View
- Chapter 3 How Long the Strong Dollar?
- Chapter 4 The Dollar and US Trade Politics
- Chapter 5 Persistent Dollar Swings and the US Economy
- Chapter 6 Impact of the Strong Dollar on the US Auto Industry
- Chapter 7 The Overvalued Dollar and the US Slump
- Chapter 8 All Eyes on the Dollar
- Chapter 9 The Impact of US External Adjustment on Japan
- Chapter 10 The Dollar and the European Economy
- Chapter 11 Foreign Exchange Intervention: Did It Work in the 1990s
- Chapter 12 The Limits of Exchange Market Intervention
- Chapter 13 Exchange Rate Manipulation to Gain an Unfair Competitive Advantage: The Case Against Japan and China
- About the Contributors
- Index
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