About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

17 Ohio St. Bus. L.J. 354 (2023)
At the Cliff's Edge: The Growing Threat of Losing Primary Reserve Status

handle is hein.journals/eblwj17 and id is 366 raw text is: AT THE CLIFF'S EDGE: THE GROWING THREAT OF LOSING PRIMARY RESERVE STATUS COLTON MILAM* TABLE OF CONTENTS I. INTRODUCTION ............................................................................ 355 II. HISTORY AND BACKGROUND...................................................... 357 A. An Introduction to Reserve Currencies ................................ 357 B. How the U.S. Achieved and Maintained Primary Reserve Status .................................................................................................... 358 C . The R ise of BRICS................................................................. 362 D. Where We Are Today ............................................................ 363 E. Looking Ahead to Growing Threats ...................................... 366 F. Failure of the Euro and Renminbi......................................... 367 III. THE YELLOW BRICS ROAD TO A MULTI-RESERVE CURRENCY 368 A. The Growing Agenda of BRICS............................................ 368 1. Economic Reform............................................................... 370 2. BRICS Have Been Pushed to Find an Alternative to SWIFT ........................ ........... ............ 371 B. The Structural Power of BRICS............................................ 372 C. New Development Bank: Channels of Social Interaction..... 374 IV. THE THREAT OF EVOLVING GLOBAL ECONOMIC GOVERNANCE376 A. The Petrodollar is Threatened as the Global Economy Diversifies................................................................................... 376 B. Currency Convertibility and Rising Threats......................... 378 V. WARS TEND TO SHIFT THE POWER OF RESERVE CURRENCIES.... 379 A. War and Currency Reserve Shifts......................................... 380 B. The Invasion of Ukraine and its Contribution to the Deterioration of Dollar Hegemony ............................................ 381 C. BRICS Response to Ukraine ................................................. 382 1. Possible Implications ......................................................... 383 VI. THE FEDERAL RESERVE'S RESPONSE........................................ 383 A. Federal Reserve Intervention................................................ 383 B. The Third Unwritten Mandate .............................................. 384 1. Financial Stability has Been a Concern of the Fed for Years .....................................385 C. Financial Stability is Common Practice in the UK Following the G reat R ecession .......................................................................... 385

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most