International Currencies Past, Present and Future: Two Views from Economic History

Barry Eichengreen

No 2014-31, Working Papers from Economic Research Institute, Bank of Korea

Abstract: This paper contrasts two views of international currency status: an "old view" in which network increasing returns are sufficiently strong that one currency dominates international markets at any point in time, versus a "new view" in which networks are open and several international currencies can coexist. It marshals historical evidence in favor of the "new view" and suggests that several national currencies, most plausibly the U.S. dollar and Chinese renminbi, are likely to share this international currency role in the not-too-distant future.

Keywords: Globalization; Inflation Dynamics; Global Slack Hypothesis; Openness; Inflation Expectations; Small Open Economy DSGE Model; Korea (search for similar items in EconPapers)
JEL-codes: E31 E32 E50 E52 E58 F41 F62 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2014-10-22
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (15)

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http://papers.bok.or.kr/RePEc_attach/wpaper/english/wp-2014-31.pdf Working Paper, 2014 (application/pdf)

Related works:
Book: International Currencies Past, Present, and Future: Two Views from Economic History (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:bok:wpaper:1431

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