Chapter 5 Volcker and the dollar standard
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Chapter 4 continues this historical account, tracing the development of the international bond market from the end of the 1970s to the mid 2000s. It reveals a similar pattern of demand across all three sections of the international bond market, showing again that the evolution of financial markets involved institutional and ideational forces coming to bear on the demand for US dollar denominated debt. Thus, while policy decisions helped inform the particular expansion of financial markets, they were always shot through an underlying pattern of financial risk that privileged not only US Treasury bonds, but private issue US debt as well. This helps clarify how the evolution of the IBM set the tracks for the global expansion of US mortgage debt in the late 1990s and early 2000s.

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