International Financial History in the Twentieth Century: System and Anarchy
Professor of Economics Marc Flandreau, Marc Flandreau, Carl-Ludwig Holtfrerich, Harold James, Claude and Lore Kelly Professor in European Studies and Professor of History and International Affairs Harold James
Cambridge University Press, 2003 - Business & Economics - 278 pages
The essays, written by leading experts, examine the history of the international financial system in terms of the debate about globalization and its limits. In the nineteenth century, international markets existed without international institutions. A response to the problems of capital flows came in the form of attempts to regulate national capital markets (for instance through the establishment of central banks). In the inter-war years, there were (largely unsuccessful) attempts at designing a genuine international trade and monetary system; and at the same time (coincidentally) the system collapsed. In the post-1945 era, the intended design effort was infinitely more successful. The development of large international capital markets since the 1960s, however, increasingly frustrated attempts at international control. The emphasis has shifted in consequence to debates about increasing the transparency and effectiveness of markets; but these are exactly the issues that already dominated the nineteenth-century discussions.
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Abelshauser abroad adjustment Agreement Allies American Archives balance Bank of France Bank’s bankers Banque Banque de France billion Bretton Woods Bretton Woods system Britain British budget Cartel central banks century coins Colm-Dodge-Goldsmith conference cooperation countries CrŽedit Lyonnais creditor crisis currency reform currency substitution debt DEEF developed direct investments domestic economic liberals economists Eichengreen Erhard Europe European exchange rate experts free-standing companies French German global gold standard Hayek’s History inflation institutions interest international financial International Monetary Fund International Monetary System interwar investors J. P. Morgan Keynes Keynes’s Kindleberger League loans London Lyonnais’s Mšoller Marshall Plan military monetary policy monetary reform multinational enterprise national currencies nationalists neutral neutral countries nineteenth note issue ofEconomic ofthe OMGUS Paris payments percent PoincarŽe political portfolio postwar problems recovery regime reserves risk role securities stabilization sterling Swiss Switzerland Tenenbaum tion trade Treasury United Washington York