The International Monetary System and International Financial System as an Analogy to the Copernican Heliocentric system: A simple multi-layers network model with simultaneous regime changes

Michael Bordo and Cécile Bastidon ()

No 31716, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The evolution of the IMS and IFS in the past several hundred years can be viewed through the lens of the Copernican heliocentric system developed over 500 years ago. We trace out the evolution across regimes of the IMS and IFS in terms of network representations of the Copernican system. We provide a simple, fully testable theoretical model whose assumptions are based on these representations. The IMS and IFS are described by a two-layer graph whose three key features (hub, core, distances) are affected by nonlinear joint regime changes linked to a technological, institutional, geopolitical and regulatory environment variable. We conclude with a discussion of some perspectives of the future of the international monetary and financial systems. Our analysis is based on economic history, theory and some resonant concepts from astrophysics.

JEL-codes: C3 C82 E42 F33 G15 N2 (search for similar items in EconPapers)
Date: 2023-09
New Economics Papers: this item is included in nep-ger, nep-his, nep-ifn, nep-mon and nep-opm
Note: IFM
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