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The Role of Hegemonic Arrangements in the Evolution of the International Monetary System

In: International Monetary Systems in Historical Perspective

Author

Listed:
  • David T. Llewellyn
  • John R. Presley

Abstract

The broad history of international monetary arrangements is one of oscillation between highly structured systems and flexible, market-based arrangements. Its evolution has been fashioned by the changing weights attached to alternative organisational mechanisms. The gold standard, and to a lesser extent the Bretton Woods and European Monetary System arrangements, were structured systems, although the Bretton Woods regime, while consciously planned at the outset, did not operate as originally envisaged. Scammell (1987) emphasises the notion of ‘predictability’ in international monetary arrangements and at times the international monetary system has been based upon regimes where there has been, at least for some periods, a high degree of predictability because the regime was based upon a fairly clear-cut and generally accepted set of rules of behaviour by monetary authorities.

Suggested Citation

  • David T. Llewellyn & John R. Presley, 1995. "The Role of Hegemonic Arrangements in the Evolution of the International Monetary System," Palgrave Macmillan Books, in: Jaime Reis (ed.), International Monetary Systems in Historical Perspective, chapter 11, pages 259-281, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-24220-7_12
    DOI: 10.1007/978-1-349-24220-7_12
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