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The US dollar is the world's indispensable currency, and it provides the United States enormous coercive powers against its adversaries. Over the last twenty years, Washington has increasingly relied on financial sanctions, but Bucking the Buck shows that the more the US wields the dollar as a foreign policy weapon, the more its adversaries move their economic activities into other currencies to avoid US coercion. The book shows that if the US wants to protect the dollar's status, its approach to sanctions needs to become more nuanced.

The US dollar is the world's indispensable currency, and it provides the United States enormous coercive powers against its adversaries. Over the last twenty years, Washington has increasingly relied on financial sanctions, but Bucking the Buck shows that the more the US wields the dollar as a foreign policy weapon, the more its adversaries move their economic activities into other currencies to avoid US coercion. The book shows that if the US wants to protect the dollar's status, its approach to sanctions needs to become more nuanced.

"This book explores how and why the U.S. has regularly acted, often alongside the IMF, as an international lender of last resort by selectively bailing out foreign economies in crisis. It highlights the unique role that the U.S. has played in stabilizing the world economy from the 1960s through 2008"--

'Brother, Can You Spare a Billion?' explores how and why the US has regularly acted, often alongside the IMF, as an international lender of last resort by selectively bailing out foreign economies in crisis. Daniel McDowell highlights the unique role that the US has played in stabilizing the world economy from the 1960s through 2008

ABSTRACTSince 2008, the People's Bank of China has signed bilateral swap agreements (BSAs) with 35 foreign central banks. Collectively, these deals amount to nearly US$ 500 billion in Chinese renminbi (RMB) available to Beijing's foreign partners. What has led China to be so aggressive in its efforts to sign so many swap agreements? What are the political economic implications of the swap programme for the US‐centric global economic order? China's BSAs can be understood as a form of financial statecraft: the use of national financial and monetary capabilities to achieve foreign policy ends. China has deployed BSAs for both defensive and offensive reasons. Defensively, Beijing has sought to use BSAs to promote trade settlement in RMB thereby reducing China's vulnerability to the dollar's structural dominance in trade. Yet, as explained in this article, they have been ineffective in this regard. Offensively, Beijing has used BSAs as a short‐term liquidity backstop outside of the Bretton Woods institutions for partner countries in need. Here, there is greater potential for BSAs to impact the status quo economic order by enhancing Chinese economic influence. However, their potential is dependent on Beijing's willingness to act as a unilateral crisis lender and its ability to further internationalize the RMB.