The international monetary system in the (very) long run

Barry Eichengreen; Nathan Sussman

doi:10.1007/978-3-031-35583-7_117

The international monetary system in the (very) long run

Barry Eichengreen^*, Nathan Sussman

^*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review

Abstract

The international financial system evolved out of the need for trade settlement and trade credit as early as 4000 BCE. Then, from the late thirteenth century, the capital account, beginning with foreign sovereign lending, contributed increasingly to international financial flows. We review the state of research on the history of international finance. We conclude that the dominance of capital flows is likely to continue despite recent setbacks driven by state intervention and geopolitics.

Original language	English
Title of host publication	Handbook of Cliometrics
Subtitle of host publication	Third edition
Publisher	Springer International Publishing
Pages	1749-1783
Number of pages	35
Volume	2
ISBN (Electronic)	9783031355837
ISBN (Print)	9783031355820
DOIs	https://doi.org/10.1007/978-3-031-35583-7_117
State	Published - 22 May 2024
Externally published	Yes

Bibliographical note

Publisher Copyright:
© Springer Nature Switzerland AG 2024. All rights reserved.

Keywords

Balance of payment
Capital account
Capital flows
Currencies
Exchange rate regimes
Exchange rates
Globalization
International Finance
Reserve currencies

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10.1007/978-3-031-35583-7_117

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KW - Currencies

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KW - Globalization

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The international monetary system in the (very) long run

Abstract

Bibliographical note

Keywords

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