Article2016

The Rules of the Game: International Money in Historical Perspective

Ronald I. McKinnon · Randall Henning · Bernard Herz · Jiirgen Schroder · John Williamson

209 citations0/0 files storedJournal of Economic Literature

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Global Financial Crisis and Policies Monetary Policy and Economic Impact Historical Economic and Social Studies

Abstract

NO WORLD CENTRAL BANK issues a separate currency for commerce across national boundaries. Instead, a system of national monies works more or less well in providing a medium of exchange and unit of account for current international transactions, as well as a store of value and standard of deferred payment for longer-term borrowing and lending. How do national governments and banking institutions interact to provide international money for merchants and investors? By necessity, this monetary interaction changes with time, place, political circumstances, and financial technology. To better understand its historical evolution, let us follow Robert Mundell and distinguish between a monetary system and a monetary order:

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References

1980Domestic Saving and International Capital Flows 2005From Principles of Political Economy 2003International Financial Statistics 1962The Appropriate Use of Monetary and Fiscal Policy for Internal and External Stability 1959INTERNAL AND EXTERNAL BALANCE: THE ROLE OP PRICE AND EXPENDITURE EFFECTS 2017Grand Designs and Visions of Unity 1978THE ECONOMIC CONSEQUENCES OF MR CHURCHILL (1925)1961Monetary Policy under the International Gold Standard: 1880-1914.

Cited by

2014The International Monetary and Financial System: Its Achilles Heel and What to do about it 1999Exchange-rate regimes for emerging markets: moral hazard and international overborrowing 2013The Golden Dilemma 2016Federal Reserve Policy in an International Context 1995International monetary arrangements for the 21st century 2004Deflation and Monetary Policy in a Historical Perspective: Remembering the Past or Being Condemned to Repeat It?

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