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The Credit Crunch and the Flight From the Dollar

Apr 2008
Policy Brief
By  Ronald McKinnon
Ronald McKinnon is the William D. Eberle Professor of International Economics at Stanford University, where he has taught since 1961. He is also a SIEPR/SCID Senior Fellow.

His fields of interest are international economics and development finance. McKinnon has written over 100 articles and several books, which include: Money and Capital in Economic Development (1973); Money in International Exchange: The Convertible-Currency System (1979); The Order of Economic Liberalization: Financial Control in the Transition to a Market Economy, 1993; The Rules of the Game: International Money and Exchange Rates, 1996; Dollar and Yen: Resolving Economic Conflict Between the United States and Japan (with Kenichi Ohno), 1997; and Exchange Rates under the East Asian Dollar Standard: Living with Conflicted Virtue, in 2005.

His books have been translated into many European and Asian languages, and he has been a consultant to central banks and finance ministries the world over-including international agencies such as the World Bank and International Monetary Fund.