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The International Monetary System in the (Very) Long Run

In: Handbook of Cliometrics

Author

Listed:
  • Barry Eichengreen

    (University of California)

  • Nathan Sussman

    (Geneva Graduate Institute)

Abstract

The international financial system evolved out of the need for trade settlement and trade credit as early as 4000 BCE. Then, from the late thirteenth century, the capital account, beginning with foreign sovereign lending, contributed increasingly to international financial flows. We review the state of research on the history of international finance. We conclude that the dominance of capital flows is likely to continue despite recent setbacks driven by state intervention and geopolitics.

Suggested Citation

  • Barry Eichengreen & Nathan Sussman, 2024. "The International Monetary System in the (Very) Long Run," Springer Books, in: Claude Diebolt & Michael Haupert (ed.), Handbook of Cliometrics, edition 3, pages 1749-1783, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-35583-7_117
    DOI: 10.1007/978-3-031-35583-7_117
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    Citations

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    Cited by:

    1. Karaman, K. Kıvanç & Pamuk, Şevket & Yıldırım-Karaman, Seçil, 2020. "Money and monetary stability in Europe, 1300–1914," Journal of Monetary Economics, Elsevier, vol. 115(C), pages 279-300.
    2. Barry Eichengreen & Pipat Luengnaruemitchai, 2008. "Bond Markets as Conduits for Capital Flows: How Does Asia Compare?," NBER Chapters, in: International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy, pages 267-313, National Bureau of Economic Research, Inc.
    3. Augusto de la Torre & Sergio L. Schmukler, 2007. "Emerging Capital Markets and Globalization : The Latin American Experience," World Bank Publications - Books, The World Bank Group, number 7187.
    4. Ferro, Gustavo, 2001. "De bancos centrales, juntas monetarias y dolarización [On central banks, currency boards and dollarization]," MPRA Paper 15354, University Library of Munich, Germany.
    5. repec:cpn:umkeip:2012:v3:p:13-30 is not listed on IDEAS
    6. Arola, Mika, 2006. "Foreign capital and Finland: central government's firstperiod of reliance on international financial markets 1862-1938," Bank of Finland Scientific Monographs, Bank of Finland, volume 0, number sm2006_037, July.
    7. Sergio L. Schmukler, 2004. "Financial globalization: gain and pain for developing countries," Economic Review, Federal Reserve Bank of Atlanta, vol. 89(Q 2), pages 39-66.
    8. Mercea Handro Patricia Amalia, 2017. "Opinions On International Reserves Management - Post Crisis," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 246-252, December.
    9. Arola, Mika, 2006. "Foreign capital and Finland : central government's firstperiod of reliance on international financial markets 1862-1938," Scientific Monographs, Bank of Finland, number 37/2006.
    10. repec:zbw:bofism:2006_037 is not listed on IDEAS
    11. Ferro, Gustavo, 2001. "Currency Board: From Stabilization to Full Dollarization? The Argentine Experience," MPRA Paper 15353, University Library of Munich, Germany.
    12. Nathan Sussman & Charles Wyplosz, 2024. "Exchange Rate Regime Choices in Small Open Economies from Bretton Woods to Inflation Targeting," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 66(3), pages 394-414, September.
    13. Dorota Zuchowska, 2012. "The evolution of the contemporary international monetary system – integration or disintegration?," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 10(3), pages 13-30, September.
    14. José I. García de Paso, "undated". "La Política Monetaria Castellana del Siglo XV," Studies on the Spanish Economy 105, FEDEA.
    15. Augusto de la Torre & Sergio L. Schmukler, 2007. "Emerging Capital Markets and Globalization : The Latin American Experience," World Bank Publications, The World Bank, number 7187, September.

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