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History and Reform of the International Monetary System

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  • Barry Eichengreen.

Abstract

This paper surveys the history of the international monetary system and considers alternatives for its reform. It first identifies three necessary conditions for international monetary stability. It then uses them as a basis for analyzing the functioning of alternative international monetary arrangements. The paper concludes with reflections on international monetary reform.
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Suggested Citation

  • Barry Eichengreen., 1994. "History and Reform of the International Monetary System," Center for International and Development Economics Research (CIDER) Working Papers C94-041, University of California at Berkeley.
  • Handle: RePEc:ucb:calbcd:c94-041
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    References listed on IDEAS

    as
    1. Eichengreen, Barry & Tobin, James & Wyplosz, Charles, 1995. "Two Cases for Sand in the Wheels of International Finance," Economic Journal, Royal Economic Society, vol. 105(428), pages 162-172, January.
    2. Canzoneri, Matthew B, 1985. "Monetary Policy Games and the Role of Private Information," American Economic Review, American Economic Association, vol. 75(5), pages 1056-1070, December.
    3. Menzie Chinn & Jeffrey Frankel, 1991. "Patterns in Exchange Rate Forecasts for 25 Currencies," NBER Working Papers 3807, National Bureau of Economic Research, Inc.
    4. Bensaid, Bernard & Jeanne, Olivier, 1997. "The instability of fixed exchange rate systems when raising the nominal interest rate is costly," European Economic Review, Elsevier, vol. 41(8), pages 1461-1478, August.
    5. James Tobin, 1978. "A Proposal for International Monetary Reform," Eastern Economic Journal, Eastern Economic Association, vol. 4(3-4), pages 153-159, Jul/Oct.
    6. Hanes, Christopher, 1993. "The Development of Nominal Wage Rigidity in the Late 19th Century," American Economic Review, American Economic Association, vol. 83(4), pages 732-756, September.
    7. Tamim Bayoumi and Barry Eichengreen., 1994. "The Stability of the Gold Standard and the Evolution of the International Monetary System," Center for International and Development Economics Research (CIDER) Working Papers C94-040, University of California at Berkeley.
    8. Gabriel De Kock & Vittorio Grilli, 1989. "Endogenous exchange rate regime switches," Research Paper 8915, Federal Reserve Bank of New York.
    9. Wyplosz, Charles, 1986. "Capital controls and balance of payments crises," Journal of International Money and Finance, Elsevier, vol. 5(2), pages 167-179, June.
    10. Tamim Bayoumi and Barry Eichengreen., 1993. "One Money or Many? On Analyzing the Prospects for Monetary Unification in Various Parts of the World," Center for International and Development Economics Research (CIDER) Working Papers C93-030, University of California at Berkeley.
    11. F. Gulcin Ozkan & Alan Sutherland, "undated". "A Model of the ERM Crisis," EPRU Working Paper Series 93-09, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
    12. Sachs, Jeffrey, 1980. "The Changing Cyclical Behavior of Wages and Prices: 1890-1976," American Economic Review, American Economic Association, vol. 70(1), pages 78-90, March.
    13. Paul R. Krugman, 1991. "Target Zones and Exchange Rate Dynamics," The Quarterly Journal of Economics, Oxford University Press, vol. 106(3), pages 669-682.
    14. Martin S. Eichenbaum & Charles L. Evans, 1992. "Some empirical evidence on the effects of monetary policy shocks on exchange rates," Working Paper Series, Macroeconomic Issues 92-32, Federal Reserve Bank of Chicago.
    15. Barry Eichengreen and Beth Simmons., 1993. "International Economics and Domestic Politics: Notes on the 1920s," Center for International and Development Economics Research (CIDER) Working Papers C93-029, University of California at Berkeley.
    16. Eichengreen, Barry, 1993. "A Payments Mechanism for the Former Soviet Union: Is the EPU a Relevant Precedent?," CEPR Discussion Papers 824, C.E.P.R. Discussion Papers.
    17. Phillip Cagan, 1975. "Changes in the Recession Behavior of Wholesale Prices in the 1920s and Post-World War II," NBER Chapters, in: Explorations in Economic Research, Volume 2, number 1, pages 54-104, National Bureau of Economic Research, Inc.
    18. Grossman, Herschel I & Van Huyck, John B, 1988. "Sovereign Debt as a Contingent Claim: Excusable Default, Repudiation, and Reputation," American Economic Review, American Economic Association, vol. 78(5), pages 1088-1097, December.
    19. Eichengreen, Barry, 1996. "Golden Fetters: The Gold Standard and the Great Depression, 1919-1939," OUP Catalogue, Oxford University Press, number 9780195101133.
    20. Hatton, T J, 1988. "Institutional Change and Wage Rigidity in the UK, 1880-1985," Oxford Review of Economic Policy, Oxford University Press, vol. 4(1), pages 74-86, Spring.
    21. Allen, Steven G, 1992. "Changes in the Cyclical Sensitivity of Wages in the United States, 1891-1987," American Economic Review, American Economic Association, vol. 82(1), pages 122-140, March.
    22. Gabriel de Koch & Vittorio Grilli, 1989. "Endogenous Exchange Rate Regime Switches," NBER Working Papers 3066, National Bureau of Economic Research, Inc.
    23. Robert P. Flood & Peter Isard, 1989. "Monetary Policy Strategies," IMF Staff Papers, Palgrave Macmillan, vol. 36(3), pages 612-632, September.
    24. Maurice Obstfeld, 1994. "The Logic of Currency Crises," NBER Working Papers 4640, National Bureau of Economic Research, Inc.
    25. Oskar Morgenstern, 1959. "International Financial Transactions and Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number morg59-1, May.
    26. Barry Eichengreen & Charles Wyplosz, 1993. "The Unstable EMS," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(1), pages 51-144.
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    Cited by:

    1. William Miles, 2015. "Did the Classical Gold Standard Lead to Greater Price Level Convergence? A New Approach," Open Economies Review, Springer, vol. 26(2), pages 351-377, April.
    2. António Portugal Duarte & João Sousa Andrade, 2012. "How the Gold Standard functioned in Portugal: an analysis of some macroeconomic aspects," Applied Economics, Taylor & Francis Journals, vol. 44(5), pages 617-629, February.
    3. Stanisic, Nenad, 2012. "Effects of international monetary integration on inflation, economic growth and current account," MPRA Paper 38938, University Library of Munich, Germany.

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    More about this item

    JEL classification:

    • N0 - Economic History - - General
    • F0 - International Economics - - General

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