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

Author

Listed:
  • 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)

  • Clemens Jobst

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, Research Center of the Institute for America's Future - Institute for America's Future)

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.

Suggested Citation

  • Marc Flandreau & Clemens Jobst, 2005. "The Ties that Divide : a Network Analysis of the International Monetary System, 1890-1910," Post-Print hal-03416103, HAL.
    • Handle: RePEc:hal:journl:hal-03416103
    DOI: 10.1017/S0022050705000379
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    References listed on IDEAS

    as
    1. Hartmann,Philipp, 2007. "Currency Competition and Foreign Exchange Markets," Cambridge Books, Cambridge University Press, number 9780521046930, September.
    2. Michael P. Dooley & David Folkerts-Landau & Peter M. Garber, 2005. "An essay on the revived Bretton Woods system," Proceedings, Federal Reserve Bank of San Francisco, issue Feb.
    3. Marc Flandreau & Nathan Sussman, 2004. "Old sins. Exchange Clauses and European Foreign Lending in the 19th Century," Working Papers hal-01065494, HAL.
    4. Marc Flandreau, 2004. "The Glitter of Gold : France, Bimetallism, and the Emergence of the International Gold Standard, 1848-1873," Post-Print hal-03568230, HAL.
    5. repec:hal:spmain:info:hdl:2441/324 is not listed on IDEAS
    6. Ricardo, David, 1821. "On the Principles of Political Economy and Taxation," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, edition 3, number ricardo1821.
    7. Flandreau, Marc & Sussman, Nathan, 2004. "Old Sins: Exchange Rate Clauses and European Foreign Lending in the 19th Century," CEPR Discussion Papers 4248, C.E.P.R. Discussion Papers.
    8. Marc Flandreau, 1997. "The Gold Standard in Theory and History," Post-Print hal-03416310, HAL.
    9. François Gallice & Marc Flandreau, 2005. "Paris, London and the International Money Market: Lessons from Paribas 1885-1913," Post-Print hal-03568370, HAL.
    10. Flandreau, Marc, 2004. "The Glitter of Gold: France, Bimetallism, and the Emergence of the International Gold Standard, 1848-1873," OUP Catalogue, Oxford University Press, number 9780199257867.
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    More about this item

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • N32 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - U.S.; Canada: 1913-

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