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Triffin: dilemma or myth?
Source: bis.org
Article summary:
1. The paper seeks to set the record straight about Robert Triffin's argument and its application to current policy debates.
2. Triffin's work is regularly cited as an argument against the US dollar's de facto role as pre-eminent global reserve currency, but the paper adds context to the discussion by pointing out gaps in Triffin's reasoning, as well as limitations and flaws in modern extensions of his dilemma.
3. The paper critically reviews two later extensions of Triffin: one holds that the dollar's reserve role required US current account deficits, while a fiscal Triffin holds that global demand for safe assets will either remain dangerously unsatisfied or force excessive US fiscal debt.
Article analysis:
The article provides a comprehensive overview of Robert Triffin’s argument and its application to current policy debates. It is clear that the author has done extensive research into this topic, citing relevant sources and providing detailed analysis of both Triffin’s original argument and modern extensions of it. The article does not appear to be biased towards any particular point of view, instead presenting both sides of the debate fairly and objectively.
However, there are some potential issues with the article’s trustworthiness and reliability. For example, it does not explore counterarguments or present both sides equally; instead it focuses mainly on refuting modern extensions of Triffin’s argument without considering other perspectives or evidence that could support them. Additionally, there is no mention of possible risks associated with relying on a single currency as a global reserve currency, which could be seen as an oversight given the importance of this issue.
In conclusion, while this article provides an informative overview of Robert Triffin’s argument and its application to current policy debates, it should be read with caution due to potential issues with its trustworthiness and reliability.
Topics for further research:
Counterarguments to Robert Triffin's argument
Risks of relying on a single currency as a global reserve currency
Impact of Robert Triffin's argument on modern policy debates
Alternative perspectives on Robert Triffin's argument
Evidence supporting modern extensions of Robert Triffin's argument
Historical context of Robert Triffin's argument