The International Monetary System in the (Very) Long Run
March 1, 2000
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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
Pages:
55
Volume:
2000
DOI:
Issue:
043
Series:
Working Paper No. 2000/043
Stock No:
WPIEA0432000
ISBN:
9781451846317
ISSN:
1018-5941
