International liquidity

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Chapter 9 in State and Trade, 2017, pp 157-177 from Edward Elgar Publishing

Abstract: All transfers save low-level barter require a medium of exchange. In the past, countries relied upon a metallic standard such as gold. The supply was inadequate for the needs of trade. The fixed parity meant that deflationary austerity was unavoidable in the absence of devaluation. Experiments with non-national counters such as special drawing rights never compensated for the inability to introduce a world currency such as the proposed ‘bancor’ that prefigured the European euro within its narrowly-defined optimal currency area. The Bretton Woods conference in 1944 assigned a central role to the dollar alongside gold, which was challenged but not eliminated when the two monetary assets were decoupled in 1971.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (3)

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