The Role of Hegemonic Arrangements in the Evolution of the International Monetary System

David T. Llewellyn and John R. Presley

Chapter 11 in International Monetary Systems in Historical Perspective, 1995, pp 259-281 from Palgrave Macmillan

Abstract: Abstract The broad history of international monetary arrangements is one of oscillation between highly structured systems and flexible, market-based arrangements. Its evolution has been fashioned by the changing weights attached to alternative organisational mechanisms. The gold standard, and to a lesser extent the Bretton Woods and European Monetary System arrangements, were structured systems, although the Bretton Woods regime, while consciously planned at the outset, did not operate as originally envisaged. Scammell (1987) emphasises the notion of ‘predictability’ in international monetary arrangements and at times the international monetary system has been based upon regimes where there has been, at least for some periods, a high degree of predictability because the regime was based upon a fairly clear-cut and generally accepted set of rules of behaviour by monetary authorities.

Keywords: Exchange Rate; Monetary Policy; Money Supply; European Central Bank; European Monetary System (search for similar items in EconPapers)
Date: 1995
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-24220-7_12

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DOI: 10.1007/978-1-349-24220-7_12

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