Foreword by Gerald Epstein

Preface

List of Abbreviations

Acknowledgements

Part I: Our approach

Chapter
1. Introduction

1. Literature review on the US dollar standard system

2. Money view in offshore context

3. Global capital flows since the 2000s

Chapter
2. Minsky and Kindleberger’s framework on endogenous finance of money

1. Asset and liability management strategy

2. Procyclical mechanism of gross balance sheets during euphoria

3. Characteristics of Minsky and Kindleberger’s framework

Part II: The fundamentals of the US dollar standard system

Chapter
3. The comparative advantage of the US shadow banking system in the 2000s

1. The structural shortage of global safe assets in the 2000s

2. Shadow banking system

2.1. The development of the shadow banking system on both sides of the Atlantic

2.2. Financial intermediation in the shadow banking system


2.3. The development of the global shadow banking system

3. The fuller development of the US shadow banking system in the 2000s

3.1. Securitization and collateral intermediation in the US

3.2. The US shadow banking system and offshore financial centers

4. The underdevelopment of the shadow banking system in the Eurozone in the 2000s

5. The evolution of US Fed policy


5.1. The function of lender of last resort


5.2. The US Fed ‘too-big-to-fail’ policy


5.3. The ‘Greenspan put’


6. The US dollar’s dominance in the shadow banking system in the 2000s

Part III: The nature of the US dollar standard system

Chapter
4. The endogenous finance of the global dollar in the shadow banking system in the 2000s

1. Dealer banks in the shadow banking system

2. Global repurchase agreements

3. The endogenously elastic finance of the global dollar in the shadow banking system

Chapter 5: Global financial fragility during the US housing bubble and the Global Financial Crisis (GFC) of 2007-09

1. The changes in financial conditions during the US housing bubble

2. The endogenously highly elastic finance of the global dollar in the shadow banking system

3. The Global Financial Crisis (GFC) of 2007-09

Part IV: The present structure of the US dollar standard system

Chapter
6. The unparalleled status of US Treasury securities as collateral assets in the 2010s


1. The evolution in the US Fed role as lender of last resort during the GFC

2. The intensification in the structural shortage of global safe assets in the 2010s

3. The less developed dynamics in the US shadow banking system in the 2010s

4. The underdevelopment of the shadow banking system in the Eurozone in the 2010s

5. The US Treasury securities as universal collateral assets in the 2010s

Chapter
7. The US dollar standard system at a watershed

1. The structural imbalances for US Treasury markets intermediation since the GFC

2. The COVID-19 financial meltdown in US Treasury markets in March 2020


3. The dysfunctionality in US Treasury securities as universal collateral assets

Chapter
8. Conclusion