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Blocs, Zones and Bands: International Monetary History in Light of Recent Theoretical Developments

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  • Eichengreen, Barry
  • Flandreau, Marc

Abstract

Trends in international finance in recent decades have inspired considerable research on bloc- and band-based international monetary arrangements. From this literature has emerged models providing the basis for much recent work in international monetary economics. To date, however, their application to historical experience has been rare. The authors, therefore, highlight parallels between modern-day target zones, on the one hand, and the classical and interwar gold standards and Bretton Woods System, on the other. They suggest that bloc-based international monetary arrangements are in fact an historical commonplace; they have been the rule rather than the exception. Copyright 1996 by Scottish Economic Society.

Suggested Citation

  • Eichengreen, Barry & Flandreau, Marc, 1996. "Blocs, Zones and Bands: International Monetary History in Light of Recent Theoretical Developments," Scottish Journal of Political Economy, Scottish Economic Society, vol. 43(4), pages 398-418, September.
    • Handle: RePEc:bla:scotjp:v:43:y:1996:i:4:p:398-418
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    Cited by:

    1. Marc Flandreau & Kim Oosterlinck, 2011. "Was the Emergence of the International Gold Standard Expected? Melodramatic Evidence from Indian Government Securities," Working Papers 0005, European Historical Economics Society (EHES).
    2. Barry Eichengreen, 2019. "Two Views of the International Monetary System," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 54(4), pages 233-236, July.
    3. Barry Eichengreen, 1998. "Exchange Rate Stability and Financial Stability," Open Economies Review, Springer, vol. 9(1), pages 569-608, January.
    4. Esteves, Rui Pedro & Reis, Jaime & Ferramosca, Fabiano, 2009. "Market Integration in the Golden Periphery. The Lisbon/London Exchange, 1854-1891," Explorations in Economic History, Elsevier, vol. 46(3), pages 324-345, July.
    5. Barry Eichengreen & Domenico Lombardi, 2017. "RMBI or RMBR? Is the Renminbi Destined to Become a Global or Regional Currency?," Asian Economic Papers, MIT Press, vol. 16(1), pages 35-59, Winter/Sp.
    6. Tao Liu & Dong Lu & Liang Wang, 2023. "Hegemony or Harmony? A Unified Framework for the International Monetary System," Working Papers 202305, University of Hawaii at Manoa, Department of Economics.
    7. Flandreau, Marc & Oosterlinck, Kim, 2012. "Was the emergence of the international gold standard expected? Evidence from Indian Government securities," Journal of Monetary Economics, Elsevier, vol. 59(7), pages 649-669.

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