What We Are Reading Today: How Global Currencies Work

Updated 07 February 2019
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What We Are Reading Today: How Global Currencies Work

  • The book tackles the implications of this new framework for major questions facing the future of the international monetary system

Authors: Barry Eichengreen, Arnaud Mehl and Livia Chiţu

 

At first glance, the modern history of the global economic system seems to support the long-held view that the leading world power’s currency — the British pound, the US dollar, and perhaps someday the Chinese yuan — invariably dominates international trade and finance. In How Global Currencies Work, three noted economists provide a reassessment of this history and the theories behind the conventional wisdom.

Offering a new history of global finance over the past two centuries, and marshaling extensive new data to test established theories of how global currencies work, Barry Eichengreen, Arnaud Mehl and Livia Chiţu argue for a new view, in which several national monies can share international currency status, and their importance can change rapidly. They demonstrate how changes in technology and in the structure of international trade and finance have reshaped the landscape of international currencies so that several international financial standards can coexist. Multiple international and reserve currencies have in fact coexisted in the past, upending the traditional view of the British pound’s dominance prior to 1945 and the US dollar’s dominance more recently.

Looking forward, the book tackles the implications of this new framework for major questions facing the future of the international monetary system, from whether the euro and the Chinese yuan might address their respective challenges and perhaps rival the dollar, to how increased currency competition might affect global financial stability.


‘Age-Old Cities’ exhibition in Riyadh museum breathes new life into ancient sites 

Updated 19 April 2019
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‘Age-Old Cities’ exhibition in Riyadh museum breathes new life into ancient sites 

  • National Museum in Riyadh hosts digital show that tells the story of Mosul, Palmyra, Aleppo and Leptis Magna

JEDDAH: An exhibition that uses digital technology to revive the region’s ancient sites and civilizations that have been destroyed or are under threat due to conflict and terrorism opened at the National Museum in Riyadh on April 18.

“Age-Old Cities” tells the story of four historically significant cities that have been devastated by violence: Mosul in Iraq, Palmyra and Aleppo in Syria, and Leptis Magna in Libya. 

Using stunning giant-screen projections, virtual reality, archival documents and images, and video testimonials from inhabitants of the affected sites, the immersive exhibition transports visitors back in time and presents the cities as they were in their prime. 

It charts their journey from the origins of their ancient civilizations to their modern-day state, and presents plans for their restoration and repair. 

The exhibition has been organized by the Ministry of Culture in collaboration with the Institut du Monde Arabe in Paris. Riyadh is the first stop outside the French capital on the exhibition’s global tour. 

The exhibition follows last month’s unveiling of the Kingdom’s new cultural vision, which included the announcement of several initiatives, including a new residency scheme for international artists to practice in the Kingdom and the establishment of the Red Sea International Film Festival. 

Prince Badr bin Abdullah bin Farhan Al-Saud, minister of culture, said: “I am delighted to welcome the ‘Age-Old Cities’ exhibition to Riyadh. 

“It highlights the importance of heritage preservation, particularly here in the Middle East, and the vulnerability of some of our historic sites. 

“It must be the responsibility of governments to put an end to this damage and neglect, and to put heritage at the heart of action, investment, and policy.

“I will be encouraging my fellow members of government to attend this eye-opening exhibition in our National Museum, and hope to work in the future with partners, governments and experts to do what we can to secure our region’s heritage.”

The exhibition carries a significant message about the importance of preserving and protecting these precious but fragile sites — one which resonates strongly in the week when one of the world’s most-famous heritage sites, Paris’ Notre-Dame Cathedral, went up in flames.