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Globalizing Capital:
A History of the International Monetary System
Barry Eichengreen

Book Description | Reviews
Chapter 1 [HTML] or [PDF format]


Preface vii
Chapter One: Introduction 1

Chapter Two: The Gold Standard 6
Prehistory 7
The Dilemmas of Bimetallism 8
The Lure of Bimetallism 12
The Advent of the Gold Standard 15
Shades of Gold 19
How the Gold Standard Worked 24
The Gold Standard as a Historically Specifi c Institution 29
International Solidarity 32
The Gold Standard and the Lender of Last Resort 34
Instability at the Periphery 37
The Stability of the System 41

Chapter Three: Interwar Instability 43
Chronology 44
Experience with Floating: The Controversial Case of the Franc 49
Reconstructing the Gold Standard 55
The New Gold Standard 59
Problems of the New Gold Standard 61
The Pattern of International Payments 66
Responses to the Great Depression 70
Banking Crises and Their Management 73
Disintegration of the Gold Standard 75
Sterling's Crisis 78
The Dollar Follows 83
Managed Floating 86
Conclusions 89

Chapter Four: The Bretton Woods System 91
Wartime Planning and Its Consequences 94
The Sterling Crisis and the Realignment of European Currencies 100
The European Payments Union 104
Payments Problems and Selective Controls 107
Convertibility: Problems and Progress 111
Special Drawing Rights 115
Declining Controls and Rising Rigidity 118
The Battle for Sterling 123
The Crisis of the Dollar 126
The Lessons of Bretton Woods 132

Chapter Five: After Bretton Woods 134
Floating Exchange Rates in the 1970s 136
Floating Exchange Rates in the 1980s 142
The Snake 149
The European Monetary System 157
Renewed Impetus for Integration 164
Europe's Crisis 168
Understanding the Crisis 172
The Experience of Developing Countries 178
Conclusions 183

Chapter Six: A Brave New Monetary World 185
The Asian Crisis 192
Emerging Instability 198
Global Imbalances 210
The Euro 219
International Currency Competition 225
Chapter Seven: Conclusion 228
Glossary 233
References 241
Index 259

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File created: 4/21/2017

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