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Monetary Unions and Hard PegsEffects on Trade, Financial Development, and Stability$
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Volbert Alexander, George M. von Furstenberg, and Jacques Mélitz

Print publication date: 2004

Print ISBN-13: 9780199271405

Published to Oxford Scholarship Online: August 2004

DOI: 10.1093/0199271402.001.0001

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International Money and Common Currencies in Historical Perspective

International Money and Common Currencies in Historical Perspective

Chapter:
(p.51) 4 International Money and Common Currencies in Historical Perspective
Source:
Monetary Unions and Hard Pegs
Author(s):

Gerald P. Dwyer, Jr.

James R. Lothian

Publisher:
Oxford University Press
DOI:10.1093/0199271402.003.0004

This chapter reviews the history of international monies and the theory related to their adoption and use. There are four key characteristics of these currencies: High unitary value, relatively low rates of inflation for long periods, issuance by major economic and trading powers, and spontaneous, as opposed to planned, adoption internationally. The economic theory of the demand for money provides support for the importance of these characteristics.

Keywords:   ancient and medieval history, characteristics of universal money, common moneys, nonetary history, monetary theory

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