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Eras of Monetary and Financial Dominance: A Copernican-Type Model of Multilayered Network with Endogenous Regimes

Author

Listed:
  • Michael D Bordo

    (Rutgers University [Camden] - Rutgers - Rutgers University System)

  • Cécile Bastidon

    (IXXI - Institut Rhône-Alpin des systèmes complexes - ENS de Lyon - École normale supérieure de Lyon - Université de Lyon - UL2 - Université Lumière - Lyon 2 - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon - INSA Lyon - Institut National des Sciences Appliquées de Lyon - Université de Lyon - INSA - Institut National des Sciences Appliquées - Inria - Institut National de Recherche en Informatique et en Automatique - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes, LEAD - Laboratoire d'Économie Appliquée au Développement - UTLN - Université de Toulon)

Abstract

Purpose: Recent theoretical advances focus on the configuration and crises of the International Monetary System (IMS) and International Financial System (IFS) rather than their regime switchings. We argue that viewing the evolution of the IMS and IFS in the past several hundred years through the lens of the Copernican heliocentric system developed over five hundred years ago is insightful. Methods: The network representations used today for the study of the IMS and IFS can be directly transposed into the langage of stellar systems. We connect literatures in economic history and the theory of complex networks with some resonant concepts from astrophysics. We trace out the evolution across regimes of the IMS and IFS in terms of network representations of the Copernican system. Results: We provide a simple, fully testable theoretical model completed by a calibration exercise that does generate the observed historical dynamics. The IMS and IFS are described by a two-layer multiplex graph whose three key features (hub, core and distances) are affected by non-linear joint regime changes linked to a technological, institutional, geopolitical and regulatory environment variable. Conclusion: We conclude with a discussion of some perspectives of the future of the international monetary and financial systems, particularly with regard to the inertia of eras of monetary and financial dominance.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Michael D Bordo & Cécile Bastidon, 2025. "Eras of Monetary and Financial Dominance: A Copernican-Type Model of Multilayered Network with Endogenous Regimes," Post-Print hal-05234049, HAL.
    • Handle: RePEc:hal:journl:hal-05234049
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    JEL classification:

    • C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • N2 - Economic History - - Financial Markets and Institutions

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