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

Marc Flandreau () and Clemens Jobst
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Marc Flandreau: Sciences Po - Sciences Po, GEM - Groupe d'économie mondiale - Sciences Po - Sciences Po, Centre for Finance and Development - GRADUATE INSTITUTE OF INTERNATIONAL AND DEVELOPMENT STUDIES

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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: 2005-12
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Citations: View citations in EconPapers (39)

Published in Journal of Economic History, 2005, 65 (4), pp.977-1007. ⟨10.1017/S0022050705000379⟩

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Journal Article: The Ties that Divide: A Network Analysis of the International Monetary System, 1890–1910 (2005)
Working Paper: The Ties that Divide: a Network Analysis of the International Monetary System, 1890-1910 (2005)
Working Paper: The Ties that Divide: A Network Analysis of the International Monetary System, 1890-1910 (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03416103

DOI: 10.1017/S0022050705000379

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