Building trust in the international monetary system: the different cases of commodity money and fiat money
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cham, Switzerland
Springer
[2021]
|
| Series: | Frontiers in economic history
|
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032796427&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Physical Description: | xiv, 274 Seiten Diagramme |
| ISBN: | 9783030784904 3030784908 |
| ISSN: | 2662-9771 |
Staff View
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Record in the Search Index
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| adam_text | Contents 1 Introduction:The Main Features of theInternationalMoney’s Evolution................................................................................................................ Reference................................................................................................................ 2 Money and the InternationalMonetary System:Origins and Evolution............................................................................................................... 2.1 Introduction................................................................................................ 2.2 The Functions of the International Money.......................................... 2.3 The Main Theories of the Origin of International Money................ 2.3.1 The International Money in the Hegemonic Stability Hypothesis.................................................................................. 2.3.2 International Money and Search-Theoretic Models........... 2.3.3 Building Trust in a Fiat Money in the International Context........................................................................................ 2.4 The Evolution of International Money................................................. 2.5 From an International Money to an International Monetary System......................................................................................................... 2.6 Benefits and Costs of the Country that Issuesthe International Money......................................................................................................... 2.6.1 The
Benefits............................................................................... 2.6.2 Costs............................................................................................ 2.7 Conclusions................................................................................................ References.............................................................................................................. 3 The Classical Gold Standard........................................................................... 3.1 Introduction................................................................................................ 3.2 Bi-metallism.............................................................................................. 3.3 The End of Bi-metallism and the Emergence of the Gold Standard in Advanced Countries................................................................................. 3.3.1 The Fundamental Theory......................................................... 3.3.2 The Flight to aSafe Haven...................................................... 1 5 7 7 9 11 II 14 16 19 23 28 29 32 33 35 39 39 41 45 45 46
Contents 3.3.3 The Hypothesis of Transaction Costs.................................... 3.3.4 The Political Economy Hypothesis........................................ 3.3.5 The Hypothesis of lhe Status Symbol................................... 3.3.6 The Strategic Hypothesis......................................................... 3.3.7 The Commitment Mechanism Hypothesis........................... 3.3.8 The Neo-Institutionalist Hypothesis....................................... 3.4 The Consolidation of the Gold Standard in England......................... 3.5 The Rules of the Game............................................................................ 3.6 The Gold Standard as a System of International Balance of Payments Adjustment............................................................................... 3.7 Cooperation Between States and Central Banks................................. 3.7.1 Cooperation Between States.................................................... 3.7.2 Cooperation Between Central Banks..................................... 3.8 Did Britain or Its Central Bank Play a Hegemonic Role in the Gold Standard?.......................................................................................... 3.9 Macroeconomic Outcomes of the Gold Standard in Advanced Countries........................................................................................................ 3.10 The Gold Standard and the PeripheralCountries.................................. 3.10.1 The Reasons for Peripheral Countries Joining the Gold
Standard...................................................................................... 3.10.2 The Interdependence Between Core and Peripheral Countries in the Gold Standard.............................................. 3.11 Conclusions................................................................................................ References.................................................................................................................. 4 The Gold-Exchange Standard, Its Collapse and the Interwar Lack of an International Money............................................................................... 4.1 Introduction................................................................................................ 4.2 The Resolutions of the Genoa Conference and the Establishment of the Gold-Exchange Standard............................................................. 4.3 The Launch and Functioning of the Gold-Exchange Standard. . . 4.4 The Different Assumptions of the Functioning of the Classical Gold Standard and the Gold-Exchange Standard................................ 4.5 The Current Literature on the Failure of the Gold-Exchange Standard...................................................................................................... 4.6 The Ultimate Reasons for the Collapse of the Gold-Exchange Standard...................................................................................................... 4.7 The Gold-Exchange Standard and the Great Depression................. 4.8 The Demand for Institutions to Protect Trust in an Almost
Fiat Money......................................................................................................... 4.9 The Emergence of Regional Monetary Blocs..................................... 4.10 Conclusions............................................................................................... References................................................................................................................. 46 41 49 49 51 52 53 58 60 62 64 65 68 72 73 73 78 80 81 87 87 89 94 98 100 Ш2 107 109 Ill 113 115
Contents xiii 5 The Bretton Woods System............................................................................. 119 5.1 Introduction............................................................................................... 119 5.2 Its Origins.................................................................................................. 121 5.2.1 The Keynes Plan...................................................................... 124 5.2.2 The White Plan......................................................................... 126 5.2.3 A Comparison Between the Two Plans............................... 128 5.3 The Outcome of the Bretton Woods Negotiations............................ 129 5.3.1 The Provision of Liquidity..................................................... 129 5.3.2 The Adjustment Mechanism.................................................. 130 5.4 The Main Interpretations of the Bretton Woods Agreements. ... 132 5.5 The Slow Move to Currencies Convertibility................................... 136 5.6 The Decline of the Sterling.................................................................... 138 5.7 Functioning of the Bretton Woods System......................................... 141 5.7.1 The Debate on the Creation of International Liquidity.. . 144 5.7.2 Mechanisms to Preserve Confidence in the Dollar............ 145 5.8 The Eurodollar Market........................................................................... 149 5.9 The Consolidation of the International Monetary Fund................... 151 5.10 The Effects of the Bretton Woods System
on the Real Economy.................................................................................................... 153 5.11 The Collapse of the Bretton Woods System........................................ 155 5.11.1 The Strictly Economic Explanations.................................... 156 5.11.2 The Political Economy Explanations................................... 158 5.12 Conclusions............................................................................................... 161 References............................................................................................................. 164 6 The Dollar Standard.......................................................................................... 169 6.1 Introduction............................................................................................... 169 6.2 The Failure of Attempts to Restore a System of Fixed Exchange Rates: 1971-1974.................................................................................... 170 6.3 The Fragility of an International Monetary System Based on a Fiat Money....................................................................................... 174 6.4 The Causes of the Great Inflation......................................................... 175 6.5 The Contrasting Outcomes of Central Banks’ Interventions in the Foreign Exchange Market........................................................... 178 6.6 Institutional Reforms in the Conduct of Monetary Policy and Price
Stabilization.................................................................................... 181 6.6.1 Central Bank Reform............................................................... 182 6.6.2 Changes in the Conduct of Monetary Policy...................... 184 6.7 The Disinflation Process in the USA and AdvancedEconomies. . 185 6.8 The European Monetary System (EMS).............................................. 187 6.9 Financial Globalization........................................................................... 193 6.10 The Dollar s Dominance in the International Monetary System. . 196 6.10.1 The Dollar as a Means of Payment....................................... 198 6.10.2 The Dollar as a Unit of Account........................................... 198 6.10.3 The Dollar as a Store of Value.............................................. 200
Contents 6.11 6.12 Financial Globalization and Currency Crises...................................... 202 The Evolution of the International Monetary Fund’s Responsibilities........................................................................................... 205 6.13 The European Monetary Union (EMU)................................................ 207 6.13.1 The Path to EMU....................................................................... 210 6.13.2 EMU’s Macroeconomic Outcomes........................................ 211 6.14 Conclusions................................................................................................. 213 References................................................................................................................ 214 7 8 Critical issues in the Corrent International Monetary System and Future Prospects........................................................................................... 223 7.1 Introduction................................................................................................. 223 7.2 Current Account Imbalances: the Case of the USA as a World’s Banker.......................................................................................................... 225 7.3 The Global Financial Crisis (GFC)........................................................ 228 7.3.1 Its Origin and Development..................................................... 229 7.3.2 The MainExplanations of the GFC........................................ 232 7.3.3 Monetary and FinancialResponses to the GFC...................
235 7.4 New Versions of the Triffin Dilemma.................................................. 240 7.5 The Sovereign Debt Crisis in the Euro Area....................................... 242 7.6 The Covid-19 Crisis’ Effects on the Internationa! Monetary System......................................................................................................... 247 7.7 The Possible Threat of Euro and Renminbi for the US Dollar. . . 248 7.8 Problems with the Current InternationalMonetary System.............. 254 7.9 Some Directions for Reform of the Current International Monetary System....................................................................................... 255 7.10 Conclusions................................................................................................ 258 References............................................................................................................... 259 Conclusions........................................................................................................... 267 Appendix....................................................................................................................... Reference................................................................................................................. 269 274
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| author | Pittaluga, Giovanni Battista Seghezza, Elena |
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| ctrlnum | (OCoLC)1266183612 (DE-599)KXP1762503336 |
| discipline | Wirtschaftswissenschaften |
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| id | DE-604.BV047395193 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T19:18:19Z |
| institution | BVB |
| isbn | 9783030784904 3030784908 |
| issn | 2662-9771 |
| language | English |
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| physical | xiv, 274 Seiten Diagramme |
| publishDate | 2021 |
| publishDateSearch | 2021 |
| publishDateSort | 2021 |
| publisher | Springer |
| record_format | marc |
| series2 | Frontiers in economic history |
| spellingShingle | Pittaluga, Giovanni Battista Seghezza, Elena Building trust in the international monetary system the different cases of commodity money and fiat money |
| title | Building trust in the international monetary system the different cases of commodity money and fiat money |
| title_auth | Building trust in the international monetary system the different cases of commodity money and fiat money |
| title_exact_search | Building trust in the international monetary system the different cases of commodity money and fiat money |
| title_full | Building trust in the international monetary system the different cases of commodity money and fiat money Giovanni Battista Pittaluga, Elena Seghezza |
| title_fullStr | Building trust in the international monetary system the different cases of commodity money and fiat money Giovanni Battista Pittaluga, Elena Seghezza |
| title_full_unstemmed | Building trust in the international monetary system the different cases of commodity money and fiat money Giovanni Battista Pittaluga, Elena Seghezza |
| title_short | Building trust in the international monetary system |
| title_sort | building trust in the international monetary system the different cases of commodity money and fiat money |
| title_sub | the different cases of commodity money and fiat money |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032796427&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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