Parts of this paper were presented at SSS-AIU, Study Group and EGROW Foundation webinars, O P Jindal Finance Global Finance Conclave and Rajagiri Conference on Economics and Finance. Enthusiastic feedback helped improve it. In particular, the author thanks Charan Singh for the invitation to develop one of her op-eds, Arvind Virmani, Amartya Lahiri and an EPW referee for
The freezing of Russian foreign exchange reserves will have long-term and systemic consequences. This column argues, however, that the dominant role of the dollar as a reserve currency will be unaffected. No other country can provide the world with a large, liquid government bond market and a fully open capital account. Sanctions may have significant long-term effects on the
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