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International liquidity

In: State and Trade

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Abstract

All transfers save low-level barter require a medium of exchange. In the past, countries relied upon a metallic standard such as gold. The supply was inadequate for the needs of trade. The fixed parity meant that deflationary austerity was unavoidable in the absence of devaluation. Experiments with non-national counters such as special drawing rights never compensated for the inability to introduce a world currency such as the proposed ‘bancor’ that prefigured the European euro within its narrowly-defined optimal currency area. The Bretton Woods conference in 1944 assigned a central role to the dollar alongside gold, which was challenged but not eliminated when the two monetary assets were decoupled in 1971.

Suggested Citation

  • ., 2017. "International liquidity," Chapters, in: State and Trade, chapter 9, pages 157-177, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17271_9
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    File URL: https://www.elgaronline.com/view/9781786430137.00013.xml
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    Cited by:

    1. Habibi Khalaj, Ali & Halgamuge, Saman K., 2017. "A Review on efficient thermal management of air- and liquid-cooled data centers: From chip to the cooling system," Applied Energy, Elsevier, vol. 205(C), pages 1165-1188.
    2. G.A. Upali Wickramasinghe, 2017. "Fostering productivity in the rural and agricultural sector for inclusive growth in Asia and the Pacific," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 24(2), pages 1-22, December.
    3. Singh, Shweta & Compton, Jana E. & Hawkins, Troy R. & Sobota, Daniel J. & Cooter, Ellen J., 2017. "A Nitrogen Physical Input-Output Table (PIOT) model for Illinois," Ecological Modelling, Elsevier, vol. 360(C), pages 194-203.

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