Hong Kong-based Fung Global Institute essay gives tribute to Ronald McKinnon who died earlier this month & who is author of the 1973 bookMoney and Capital in Economic Development .. a treatise on how governments that engage in financial repression hamper financial development .. they highlight how McKinnon was working on a related concept – a dollar-renminbi standard which was being designed to help alleviate the financial repression & fragmentation undermining global financial stability & growth .. “The notion that the dollar’s global dominance is contributing to financial repression represents a significant historical shift .. Speculative inflows of ‘hot’ money have weakened China’s macroeconomic tools and fueled ever more financial repression .. The world needs its two largest economies to work together to bolster global monetary stability. Together, China and the U.S. can alleviate financial repression, avert protectionist tendencies, and help maintain a strong foundation for global stability .. It is time for U.S. leaders to recognize that what former French Finance Minister Valéry Giscard d’Estaing called the ‘exorbitant privilege’ that the dollar’s global dominance affords America also entails considerable responsibility. Global monetary stability is, after all, a public good.”