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

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.
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https://hal-sciencespo.archives-ouvertes.fr/hal-03416103
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Submitted on : Friday, November 5, 2021 - 9:38:41 AM
Last modification on : Thursday, June 30, 2022 - 11:39:36 AM

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Marc Flandreau, Clemens Jobst. The Ties that Divide : a Network Analysis of the International Monetary System, 1890-1910. Journal of Economic History, 2005, 65 (4), pp.977-1007. ⟨10.1017/S0022050705000379⟩. ⟨hal-03416103⟩

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