This paper takes stock of the evolution of the international monetary system over the last thousand years. Several points stand out from the analysis. One is the reluctance of governments to embrace radical changes in international monetary relations. Another is the conflict between external and...

Spanish Abstract: En las últimas décadas se han logrado notables avances en la lucha contra la pobreza y en la reducción de la desigualdad a escala global, que las dos grandes crisis de este siglo amenazan con revertir. Dadas sus responsabilidades y el ámbito global de actuación, el Fondo...

This article examines the monetary arrangements between Australia, New Zealand and the United Kingdom from the 1820s to the 1930s. It is argued that the three countries formed a monetary union for most of this period. A new analysis of inland and London exchange rates demonstrates that the union...

The article analyses recent tendencies in the monetary system with an emphasis on events taking place in the Gulf Cooperation Council (GCC) member states. The importance of these countries goes far beyond oil deliveries as their surpluses stemming from oil export have become a key pillar in...

We provide a liquidity-based theory for the dominant use of the US dollar as the unit of denomination in global debt contracts. Firms need to trade their revenue streams for the assets required to extinguish their debt obligations. When asset markets are illiquid, as modeled via endogenous...

In earlier times, societies relied extensively on "IOUs" ("I owe you") to avert the need for settlement in specie. However, an IOU reliant economy is complex and fraught with financial stability risks. These problems can be overcome through clearing, netting and settlement, either without or...

The Global History of Currencies provides information on each currency-issuing country or territory. For each country, a brief history of the country is provided along with details on both coins and banknotes that have been issued in the country. The paper documents currency changes that have...

In August 2021, the IMF made a new SDR allocation to help ease pandemic-induced financial strains in the Global South. This paper assesses the potential of the SDR system to address debt-related problems in global finance. We analyze the SDR system as a web of interlocking balance sheets whose...

In earlier times, societies relied extensively on “ (“I owe you”) to avert the need for settlement in specie. However, an IOU reliant economy is complex and fraught with financial stability risks. These problems can be overcome through clearing, netting and settlement, either without or...

This paper forms part of a series of nine studies on the role of the European Union in international economic fora, prepared by Policy Department A at the request of the Committee on Economic and Monetary Affairs of the European Parliament. It provides factual background information about the...