The economics of international monies
The economics of international monies is likely to be informative about the future of the euro. The authors summarize the history of international monies, from the gold solidus introduced in the fourth century to the present. They identify four common characteristics of these currencies: high unitary value; relatively low inflation rates; issuance by major economic and trading powers; and spontaneous, as opposed to planned, adoption. Recent theoretical literature supports the importance of the characteristics, while recent theories’ common implication of multiple equilibria supports the importance of spontaneous adoption as developed by Menger and Hayek.
|Date of creation:||2003|
|Date of revision:|
|Contact details of provider:|| Postal: 1000 Peachtree St., N.E., Atlanta, Georgia 30309|
Web page: http://www.frbatlanta.org/
More information through EDIRC
|Order Information:|| Email: |
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Robert J. Barro & David B. Gordon, 1981.
"A Positive Theory of Monetary Policy in a Natural-Rate Model,"
NBER Working Papers
0807, National Bureau of Economic Research, Inc.
- Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August.
- Gerald P. Dwyer & James R. Lothian, 2003.
"International Money and Common Currencies in Historical Perspective,"
CEIS Research Paper
9, Tor Vergata University, CEIS.
- Gerald P. Dwyer & James R. Lothian, 2002. "International money and common currencies in historical perspective," FRB Atlanta Working Paper 2002-7, Federal Reserve Bank of Atlanta.
- Gerald P. Dwyer Jr. & James R. Lothian, 2003. "International Money and Common Currencies in Historical Perspective," International Finance 0311005, EconWPA.
- Hélène Rey, 2001.
"International Trade and Currency Exchange,"
Review of Economic Studies,
Oxford University Press, vol. 68(2), pages 443-464.
- Darby, Michael R. & Lothian, James R. & Gandolfi, Arthur E. & Schwartz, Anna J., 1983.
"The International Transmission of Inflation,"
National Bureau of Economic Research Books,
University of Chicago Press,
edition 0, number 9780226136417, April.
- Rolnick, Arthur J. & Velde, François R. & Weber, Warren E., 1996.
"The Debasement Puzzle: An Essay on Medieval Monetary History,"
The Journal of Economic History,
Cambridge University Press, vol. 56(04), pages 789-808, December.
- Arthur J. Rolnick & Francois R. Velde & Warren E. Weber, 1997. "The debasement puzzle: an essay on medieval monetary history," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall, pages 8-20.
- Lopez, Robert Sabatino, 1951. "The Dollar of the Middle Ages," The Journal of Economic History, Cambridge University Press, vol. 11(03), pages 209-234, June.
- Selgin, George A, 1994.
"On Ensuring the Acceptability of a New Fiat Money,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 26(4), pages 808-26, November.
- Trejos, Alberto & Wright, Randall, 1995. "Search, Bargaining, Money, and Prices," Journal of Political Economy, University of Chicago Press, vol. 103(1), pages 118-41, February.
- Harold Demsetz, 1968. "The Cost of Transacting," The Quarterly Journal of Economics, Oxford University Press, vol. 82(1), pages 33-53.
- Michael D. Bordo, 1993.
"The Bretton Woods International Monetary System: A Historical Overview,"
in: A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, pages 3-108
National Bureau of Economic Research, Inc.
- Michael D. Bordo, 1992. "The Bretton Woods International Monetary System: An Historical Overview," NBER Working Papers 4033, National Bureau of Economic Research, Inc.
- Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-54, August.
When requesting a correction, please mention this item's handle: RePEc:fip:fedawp:2003-37. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Elaine Clokey)
If references are entirely missing, you can add them using this form.