U.S. paper dollar had become 'as good as gold.' These outcomes emerged from how the U.S. federal government financed …

convertibility. It also suggests a methodology for the interpretation of monetary behavior during historical periods of … inconvertibility. First we analyze the case of a government with a monopoly over currency issue. The government maximizes seignorage … revenue by generating an inflation, but the terminal condition of a return to convertibility implies that the price level must …

attempted to manage a successful common currency when sub-national political entities were allowed to have separate currencies … and run independent monetary policies. Congress created a common currency that was too large to use in ordinary … transactions. Congress hoped this currency would be held for post-war redemption and would not circulate as money during the war …

This paper provides an historical perspective on reserve currency competition and on the prospects of the dollar as an … international currency. It questions the conventional wisdom that competition for reserve-currency status is a winner-take-all game … position for the foreseeable future. Hopes that the yuan could become a major international currency 20 or even 40 years from …

countries in the world moved to the gold standard following in the footsteps of Bismarck? The answer is no. By 1875 bimetallism … would have been unviable, and the US return to convertibility in 1879 would have made it impossible to sustain true …

instead to the structure of global portfolios and international financial markets. The literature on currency mismatches, in …