The International Monetary System in the (Very) Long Run

March 1, 2000

Preview Citation

Format: Chicago

Nathan Sussman, and Barry J. Eichengreen The International Monetary System in the (Very) Long Run, (USA: International Monetary Fund, 2000) accessed December 23, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Commodities, Currencies, Exchange rates, Foreign exchange, Gold, International monetary system, Money, Silver

Keywords: Central bank, Commodity money, Currencies, Europe, Exchange rates, Globalization, Gold, Gold standard, International monetary system, Monetary standard, Monetary system, Money, Paper money, Price level, Rate of exchange, Silver, Unit of account, Western Europe, WP

Publication Details

Pages:

55
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2000/043
Stock No:

WPIEA0432000
ISBN:

9781451846317
ISSN:

1018-5941

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