Tag Murphy: The surprising endurance of the US dollar's hegemony
Jointly sponsored by the TUJ Institute of Contemporary Asian Studies and the Harvard Club of Japan
21 November 2022 19:00-20:30 JST
Temple University Japan (Room 301) 1-14-29 Taishido, Setagaya-ku, Tokyo
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Tag Murphy will discuss the origins and the state of the dollar-based order. The Bretton Woods systems collapsed more than half a century ago during the 1971 "Nixon shocks." Since then, there have been countless predictions of the end of the dollar's reign, based on a belief that others (China, Russia, Iran, etc) could establish a "counter-order," the creation of the euro, the declining percentage of world GDP accounted for by the US, and multiple crises since the early 1970s. Yet, 51 years after Richard Nixon's 15 August 1971 speech, the US dollar is still at the center of the world monetary system. Japan, one of the apparent victims of the Nixon Shocks, has played a critical role in this order. As currency markets are facing a stronger dollar and weaker yen, and a host of other challenges, Tag will discuss causes and consequences of dollar hegemony.
Tag Murphy is a banker, educator, and analyst. He wrote Japan Shackles of the Past (Oxford UP, 2016), co-authored Japan's Policy Trap (Brookings, 2002), and published the Weight of the Yen (W.W. Norton, 1997). He taught at the University of Tsukuba where he helped launch the MBA Program in International Business. Prior to that, Tag was with Chase Manhattan and Goldman Sachs in Tokyo and London. He holds a BA in East Asian Studies and an MBA from Harvard.