The Ties that Divide. A Network Analysis of the International Monetary System

Marc Flandreau and Clemens Jobst

No 5129, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: This paper provides a new methodology to map international monetary relations in the 19th century. We identify an index of international liquidity and, applying techniques borrowed from formal network analysis (in particular, blockmodelling) we produce a formal ranking of currencies according to their degree of international circulation. The resulting indices are powerful tools to study the logic of the emergence of international currencies, as well as useful controls for cross-section regressions.

Keywords: international monetary system; key currency; networks; pound sterling (search for similar items in EconPapers)
JEL-codes: F31 N32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fmk, nep-his, nep-mon, nep-net and nep-sea
Date: 2005-07
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