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Discussion Paper Details

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Title: The Ties that Divide. A Network Analysis of the International Monetary System

Author(s): Marc Flandreau and Clemens Jobst

Publication Date: July 2005

Keyword(s): international monetary system, key currency, networks and pound sterling

Programme Area(s): International Macroeconomics

Abstract: This paper provides a new methodology to map international monetary relations in the 19th century. We identify an index of international liquidity and, applying techniques borrowed from formal network analysis (in particular, blockmodelling) we produce a formal ranking of currencies according to their degree of international circulation. The resulting indices are powerful tools to study the logic of the emergence of international currencies, as well as useful controls for cross-section regressions.

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Bibliographic Reference

Flandreau, M and Jobst, C. 2005. 'The Ties that Divide. A Network Analysis of the International Monetary System'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=5129