Robert C. Solomon
Robert C. Solomon
Robert C. Solomonwas an American professor of philosophy at the University of Texas at Austin...
NationalityAmerican
ProfessionEducator
Date of Birth14 September 1942
CountryUnited States of America
american-educator based countries degree dollar extent major states united
To the extent that the United States has, I don't like the word hegemony, the United States has influence around the world, I don't think that's based on to any significant degree on the fact that countries use the dollar as their major reserve.
account american-educator dollar functions medium performs standard three unit
The dollar performs internationally all three functions of money, as a medium of exchange, a unit of account and a standard of value.
balance usual united-states
The United States as usual has a sizable deficit in the current account of its balance of payments, trade account and other current accounts, current account items.
europe united-states security
In the United States, securities markets are much more developed than they are in Europe.
japan europe united-states
Another question has been raised rather widely in Europe, in Japan as well as in the United States is what, to what extent will the euro become a reserve currency.
american-educator capital financed flow private today
Today we have so much more flow of private capital that most international imbalances are financed that way, by private capital movements.
american-educator eighty terms
The dollar went up some eighty percent in real terms as I recall now or something like that - from '80 to '85.
add american-educator area becoming people prestige reserve seems talked
The reserve currency role seems to add prestige to an area and some people in Europe have talked about the desirability of the euro becoming an international reserve currency.
american-educator banks buy central dollars market order start sure
So you can be pretty sure that central banks around the world will not start dumping dollars on the market in order to buy euros.
american-educator currency dollar investment main private vehicle
The dollar is the main private currency for investment purposes, for transactions purposes, as a vehicle currency as it's called.
dollars imports ifs
The prices of all imports would rise if the dollar depreciates.
country balance today
Back in those days, in the fifties and sixties, countries had balance of payment's deficits or surpluses, those were reflected much more than today in movements of reserves among countries.
balance currency payment
So if the euro, if Euroland is to become a reserve center, if the euro is to become a reserve currency, Euroland will have to have a deficit in its overall balance of payments.
europe differences important
On private transactions, I'll just go very quickly now, a major difference between the United States and Euroland is that in Europe banks are much more important in financial transactions than in the United States.