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International currencies past, present and future: two views from economic history

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This paper contrasts two view of international currency status: an “old view” in which network increasing returns are sufficiently strong that one currency dominates international markets at any point in time, versus a “new view” in which networks are open and several international currencies can coexist. It marshals historical evidence in favor of the “new view” and suggests that several national currencies, most plausibly the U.S. dollar and Chinese renminbi, are likely to share this international currency role in the not-too-distant future.

This talk is part of the Economic and Social History Seminars series.

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LT2, University of Cambridge Judge Business School Room 326, Raised Faculty Building, MML, Sidgwick Avenue, Cambridge, CB3 9DA Faculty of Education, 184 Hills Road, Cambridge, CB2 8PQ, (room GS4)

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