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The International Monetary System in the (Very) Long Run

Author

Listed:
  • Nathan Sussman
  • Mr. Barry J. Eichengreen

Abstract

This paper takes stock of the evolution of the international monetary system over the last thousand years. Several points stand out from the analysis. One is the reluctance of governments to embrace radical changes in international monetary relations. Another is the conflict between external and domestic objectives over the cycle, which has been a source of significant tension in the industrial core through much of this century, is now becoming a significant issue for developing countries. Finally, recent developments represent a return to the more market-driven international monetary system that characterized the better part of the preceeding millennium.

Suggested Citation

  • Nathan Sussman & Mr. Barry J. Eichengreen, 2000. "The International Monetary System in the (Very) Long Run," IMF Working Papers 2000/043, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2000/043
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=3466
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    Cited by:

    1. Karaman, K. Kıvanç & Pamuk, Şevket & Yıldırım-Karaman, Seçil, 2020. "Money and monetary stability in Europe, 1300–1914," Journal of Monetary Economics, Elsevier, vol. 115(C), pages 279-300.
    2. Barry Eichengreen & Pipat Luengnaruemitchai, 2008. "Bond Markets as Conduits for Capital Flows: How Does Asia Compare?," NBER Chapters, in: International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy, pages 267-313, National Bureau of Economic Research, Inc.
    3. Augusto de la Torre & Sergio L. Schmukler, 2007. "Emerging Capital Markets and Globalization : The Latin American Experience," World Bank Publications - Books, The World Bank Group, number 7187.
    4. Ferro, Gustavo, 2001. "De bancos centrales, juntas monetarias y dolarización [On central banks, currency boards and dollarization]," MPRA Paper 15354, University Library of Munich, Germany.
    5. repec:cpn:umkeip:2012:v3:p:13-30 is not listed on IDEAS
    6. Arola, Mika, 2006. "Foreign capital and Finland: central government's firstperiod of reliance on international financial markets 1862-1938," Bank of Finland Scientific Monographs, Bank of Finland, volume 0, number sm2006_037, July.
    7. Sergio L. Schmukler, 2004. "Financial globalization: gain and pain for developing countries," Economic Review, Federal Reserve Bank of Atlanta, vol. 89(Q 2), pages 39-66.
    8. Mercea Handro Patricia Amalia, 2017. "Opinions On International Reserves Management - Post Crisis," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 246-252, December.
    9. Arola, Mika, 2006. "Foreign capital and Finland : central government's firstperiod of reliance on international financial markets 1862-1938," Scientific Monographs, Bank of Finland, number 37/2006.
    10. repec:zbw:bofism:2006_037 is not listed on IDEAS
    11. Ferro, Gustavo, 2001. "Currency Board: From Stabilization to Full Dollarization? The Argentine Experience," MPRA Paper 15353, University Library of Munich, Germany.
    12. Dorota Zuchowska, 2012. "The evolution of the contemporary international monetary system – integration or disintegration?," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 10(3), pages 13-30, September.
    13. José I. García de Paso, "undated". "La Política Monetaria Castellana del Siglo XV," Studies on the Spanish Economy 105, FEDEA.
    14. Augusto de la Torre & Sergio L. Schmukler, 2007. "Emerging Capital Markets and Globalization : The Latin American Experience," World Bank Publications, The World Bank, number 7187, September.

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