The Ties that Divide: A Network Analysis of the International Monetary System, 1890 1910

Marc Flandreau and Clemens Jobst

The Journal of Economic History, 2005, vol. 65, issue 04, pages 977-1007

Abstract: Conventional studies of the late-nineteenth-century international monetary system refer heuristically to core and peripheral countries. In this article, we seek to provide rigorous foundations to such expressions. Applying a formal procedure borrowed from network analysis produces indices of centrality and systematic rankings. We show that the international monetary system of the late nineteenth century is best described as a three-tier system. Other findings include the discovery of a closely knitted European foreign exchange system, a complete lack of foreign exchange linkages within Latin America, emerging intra-Asian relations, and a fairly late ascendancy of the U.S. dollar.

Date: 2005

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Persistent link: http://EconPapers.repec.org/RePEc:cup:jechis:v:65:y:2005:i:04:p:977-1007_00

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