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The Ties that Divide. A Network Analysis of the International Monetary System

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  • Flandreau, Marc
  • Jobst, Clemens

Abstract

This paper provides a new methodology to map international monetary relations in the 19th century. We identify an index of international liquidity and, applying techniques borrowed from formal network analysis (in particular, blockmodelling) we produce a formal ranking of currencies according to their degree of international circulation. The resulting indices are powerful tools to study the logic of the emergence of international currencies, as well as useful controls for cross-section regressions.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 5129.

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Date of creation: Jul 2005
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Handle: RePEc:cpr:ceprdp:5129

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Keywords: international monetary system; key currency; networks; pound sterling;

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References

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  1. Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2003. "An Essay on the Revived Bretton Woods System," NBER Working Papers 9971, National Bureau of Economic Research, Inc.
  2. Hartmann,Philipp, 1998. "Currency Competition and Foreign Exchange Markets," Cambridge Books, Cambridge University Press, number 9780521632737, April.
  3. repec:spo:wpecon:info:hdl:2441/324 is not listed on IDEAS
  4. Flandreau, Marc & Sussman, Nathan, 2004. "Old Sins: Exchange Rate Clauses and European Foreign Lending in the 19th Century," CEPR Discussion Papers 4248, C.E.P.R. Discussion Papers.
  5. John Komlos & Marc Flandreau, 2005. "Target zones in History and Theory : efficiency, credibility and policy autonomy," Sciences Po publications n°5199, Sciences Po.
  6. Nathan Sussman & Marc Flandreau, 2004. "Old sins. Exchange Clauses and European Foreign Lending in the 19th Century," Sciences Po publications n°4248, Sciences Po.
  7. Luis Catão & Solomos Solomou, 2003. "Exchange Rates in the Periphery and International Adjustment Under the Gold Standard," IMF Working Papers 03/41, International Monetary Fund.
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Citations

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Cited by:
  1. Michael D. Bordo & Christopher M. Meissner, 2007. "Financial Crises, 1880–1913: The Role of Foreign Currency Debt," NBER Chapters, in: The Decline of Latin American Economies: Growth, Institutions, and Crises, pages 139-194 National Bureau of Economic Research, Inc.
  2. Flandreau, Marc & Galimard, Christophe & Jobst, Clemens & Nogués Marco, Pilar, 2009. "Monetary Geography Before the Industrial Revolution," CEPR Discussion Papers 7169, C.E.P.R. Discussion Papers.
  3. Sarah Cochrane, 2009. "Explaining London's Dominance in International Financial Services, 1870-1913," Economics Series Working Papers 455, University of Oxford, Department of Economics.
  4. Mauricio Drelichman & Joachim Voth, 2007. "Lending to the borrower from hell: Debt and default in the age of Philip II, 1556-1598," Economics Working Papers 1164, Department of Economics and Business, Universitat Pompeu Fabra, revised Nov 2009.
  5. Drelichman, Mauricio & Voth, Hans-Joachim, 2008. "Lending to the Borrower from Hell: Debt and Default in the Age of Phillip II," Economics working papers mauricio_drelichman-2008-, Vancouver School of Economics, revised 06 Sep 2010.
  6. Barry Eichengreen & Marc Flandreau, 2012. "The Federal Reserve, the Bank of England, and the Rise of the Dollar as an International Currency, 1914–1939," Open Economies Review, Springer, vol. 23(1), pages 57-87, February.
  7. Emmanuel Lazega & Saraï Sapulete & Lise Mounier, 2011. "Structural stability regardless of membership turnover? The added value of blockmodelling in the analysis of network evolution," Quality & Quantity: International Journal of Methodology, Springer, vol. 45(1), pages 129-144, January.
  8. Marc Flandreau & Stefano Ugolini, 2011. "Where it all began: lending of last resort and the Bank of England during the Overend-Gurney panic of 1866," Working Paper 2011/03, Norges Bank.
  9. Coşkun Tunçer, 2012. "Monetary sovereignty during the classical gold standard era: the Ottoman Empire and Europe, 1880-1913," Economic History Working Papers 44725, London School of Economics and Political Science, Department of Economic History.
  10. Flandreau, Marc, 2006. "The logic of compromise: Monetary bargaining in Austria-Hungary, 1867 1913," European Review of Economic History, Cambridge University Press, vol. 10(01), pages 3-33, April.
  11. Clemens Jobst & Marc Flandreau, 2006. "The Empirics of International Currencies: Evidence from the 19th Century," Sciences Po publications n°5529, Sciences Po.
  12. Barry Eichengreen & Marc Flandreau, 2010. "The Federal Reserve, the Bank of England and the rise of the dollar as an international currency, 1914-39," BIS Working Papers 328, Bank for International Settlements.
  13. Morys, Matthias, 2013. "Discount rate policy under the Classical Gold Standard: Core versus periphery (1870s–1914)," Explorations in Economic History, Elsevier, vol. 50(2), pages 205-226.

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