This paper contrasts two views 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...

This lecture discusses the work by the Estonian economist Ragnar Nurkse (1907-1959). It focuses on the early Nurkse, who was concerned with exchange rates, capital flows and what today we call the international financial architecture. It asks how many of the conclusions of International Currency...