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Crisis and Opportunity: The Policy Environment of International Banking in the City of London, 1958–1980

Catherine Schenk

in London and Paris as International Financial Centres in the Twentieth Century

Published in print:
2005
Published Online:
September 2007
ISBN:
9780199269495
eISBN:
9780191710162
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199269495.003.0010
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter analyses policy responses to the instability of the international monetary system during the 1970s and how these policies affected the City of London. First, the collapse of the ... More


Paris, London, and the International Money Market: Lessons from Paribas, 1885–1913

Marc Flandreau and François Gallice

in London and Paris as International Financial Centres in the Twentieth Century

Published in print:
2005
Published Online:
September 2007
ISBN:
9780199269495
eISBN:
9780191710162
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199269495.003.0005
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter deals with one aspect of short-term capital movements over the period 1885-1913. It studies the role of the French haute banque in the operation of the international monetary system. It ... More


The SDR and the US international monetary policy process

Christopher M.D. Wilkie

in Special Drawing Rights (SDRs): The First International Money

Published in print:
2011
Published Online:
January 2012
ISBN:
9780199606467
eISBN:
9780191731648
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199606467.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

Delving further into US policy determination provides other clues as to why SDRs became marginalized in the late 1970s and 1980s. For instance, US international monetary policy determination was ... More


Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Volbert Alexander, George M. von Furstenberg, and Jacques Mélitz (eds)

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.001.0001
Subject:
Economics and Finance, Economic Systems

Financial services with global reach are a highly information-intensive business. In it, the ability to deliver reliable price formation, global liquidity, and network benefits is increasingly ... More


Euroization, Dollarization, and the International Monetary System

Dominick Salvatore

in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.003.0002
Subject:
Economics and Finance, Economic Systems

A great debate has been taking place in many nations, especially small ones, in Central, Eastern, and Southern Europe, in the Baltic States, and in the Americas on the need and benefits of abandoning ... More


Lessons from the European Monetary System

Tommaso Padoa‐Schioppa

in The Road to Monetary Union in Europe: The Emperor, the Kings, and the Genies

Published in print:
2000
Published Online:
November 2003
ISBN:
9780199241767
eISBN:
9780191596742
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199241767.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics

Few proposals have been made for the reform of what used to be called the international monetary system, and academic economists have tended to ignore the experience of the European Monetary System ... More


A Transatlantic Revolution: 1970–90

Ranald C. Michie

in The Global Securities Market: A History

Published in print:
2006
Published Online:
September 2007
ISBN:
9780199280612
eISBN:
9780191712784
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199280612.003.0009
Subject:
Economics and Finance, Economic History

This chapter discusses developments in the global securities market from 1970 to 1990. It shows that growth and development in the global securities market in the 1970s and 1980s were marked by two ... More


A Modest Proposal for International Monetary Reform 1

Bruce Greenwald and Joseph E. Stiglitz

in Time for a Visible Hand: Lessons from the 2008 World Financial Crisis

Published in print:
2010
Published Online:
February 2010
ISBN:
9780199578801
eISBN:
9780191723285
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578801.003.0017
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

Greenwald and Stiglitz argue that an ideal system of international payments should be characterized by stability and balance: stability in exchange rates and the absence of sudden crises, and balance ... More


Introduction

Christopher M.D. Wilkie

in Special Drawing Rights (SDRs): The First International Money

Published in print:
2011
Published Online:
January 2012
ISBN:
9780199606467
eISBN:
9780191731648
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199606467.003.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

Special Drawing Rights (SDRs) were announced to the world at the International Monetary Fund's annual meeting in Rio de Janeiro in 1967. Only a few years later, the IMF incorporated in its Articles ... More


The Wartime Transition

Barry Eichengreen

in Golden Fetters: The Gold Standard and the Great Depression, 1919-1939

Published in print:
1996
Published Online:
November 2003
ISBN:
9780195101133
eISBN:
9780199869626
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195101138.003.0003
Subject:
Economics and Finance, Economic History

World War I transformed the international economic and political environment. This chapter analyzes the major changes in domestic and international finance and their implications for the economic ... More


The Architects of Austerity

Aaron Major

in Architects of Austerity: International Finance and the Politics of Growth

Published in print:
2014
Published Online:
September 2014
ISBN:
9780804788342
eISBN:
9780804790734
Item type:
chapter
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804788342.003.0002
Subject:
Sociology, Economic Sociology

This chapter develops a historical account of the emergence of an international architecture of austerity in the late Bretton Woods era. These developments were critical for redistributing ... More


Exchange Rate Misalignment and International Law 1

Claus D. Zimmerman

in A Contemporary Concept of Monetary Sovereignty

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199680740
eISBN:
9780191760686
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199680740.003.0004
Subject:
Law, Public International Law, Company and Commercial Law

This chapter aims to contribute to a better understanding of the following two-fold question: To what extent can a contested practice like the maintenance of an undervalued real exchange rate be ... More


Special Drawing Rights and the Reform of the Global Reserve System

José Antonio Ocampo

in Reforming the International Financial System for Development

Published in print:
2011
Published Online:
November 2015
ISBN:
9780231157643
eISBN:
9780231527279
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231157643.003.0013
Subject:
Economics and Finance, Financial Economics

This chapter calls for a reform of the international reserve system to address its three fundamental flaws: it has a deflationary bias as the burden of adjustment falls on deficit countries; it has ... More


The International Monetary System: Living with Asymmetry

Maurice Obstfeld

in Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century

Published in print:
2014
Published Online:
September 2014
ISBN:
9780226030753
eISBN:
9780226030890
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226030890.003.0009
Subject:
Economics and Finance, International

The international monetary system faces a growing asymmetry between advanced and emerging nations, echoing the pattern of the late Bretton Woods System. Emerging countries facing the threat of ... More


Putting the ‘System’ in the International Monetary System

Michael Bordo and Angela Redish

in Money in the Western Legal Tradition: Middle Ages to Bretton Woods

Published in print:
2016
Published Online:
April 2016
ISBN:
9780198704744
eISBN:
9780191774041
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198704744.003.0027
Subject:
Law, Legal History

This chapter traces the evolution of the International Monetary System (IMS) from the early nineteenth century to the present. In the 1850s, the unit of account in each of the major powers was tied ... More


Lessons of the Crisis for Emerging Markets

Barry Eichengreen

in The Global Financial Crisis and Asia: Implications and Challenges

Published in print:
2012
Published Online:
January 2013
ISBN:
9780199660957
eISBN:
9780191748981
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199660957.003.0012
Subject:
Economics and Finance, Financial Economics, South and East Asia

This chapter attempts to draw out the implication of the global financial and economic crisis for emerging markets. The most important implications will focus on financial markets, where there will ... More


Resetting the International Monetary (Non)System

José Antonio Ocampo

Published in print:
2017
Published Online:
November 2017
ISBN:
9780198718116
eISBN:
9780191787478
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198718116.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

This book provides an analysis of the global monetary system and the necessary reforms that it should undergo to play an active role in the twenty-first century. As its title indicates, its basic ... More


The Macro-Social Meaning of Money: From Territorial Currencies to Global Money

Eric Helleiner

in Money Talks: Explaining How Money Really Works

Published in print:
2017
Published Online:
January 2018
ISBN:
9780691168685
eISBN:
9781400885268
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691168685.003.0009
Subject:
Sociology, Economic Sociology

This chapter explores ways in which nationalist values helped to shape the emergence of modern territorial currencies in the United States and elsewhere during the nineteenth century. Turning to ... More


The International Monetary and Financial System: Eliminating the Blind Spot

Jaime Caruana

in Progress and Confusion: The State of Macroeconomic Policy

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034623
eISBN:
9780262333450
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034623.003.0024
Subject:
Economics and Finance, Public and Welfare

The chapter makes the case that there is a blind spot in the international monetary system. The combination of domestically focused policies and global markets does not constrain the buildup of ... More


Does Finance Accelerate or Retard Growth? Theory and Evidence1

Franklin Allen, Elena Carletti, Jun “QJ” Qian, and Patricio Valenzuela

in Towards a Better Global Economy: Policy Implications for Citizens Worldwide in the 21st Century

Published in print:
2014
Published Online:
November 2014
ISBN:
9780198723455
eISBN:
9780191790065
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198723455.003.0005
Subject:
Economics and Finance, International, Development, Growth, and Environmental

Finance can be beneficial for growth, but it can also contribute to financial crises, which are often very damaging for growth. An extensive review of the literature suggests that financial ... More


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