Advertisement

Introduction: New Research in Monetary History – A Map

  • Stefano BattilossiEmail author
  • Kazuhiko Yago
Reference work entry
  • 38 Downloads

Abstract

This handbook aims to provide a comprehensive (though obviously not exhaustive) picture of state-of-the-art international scholarship on the history of money and currency. The chapters of this handbook cover a wide selection of research topics. They span chronologically from antiquity to nowadays and are geographically stretched from Latin America to Asia, although most of them focus on Western Europe and the USA, as a large part of the existing research does. The authors of these chapters constitute, we hope, a balanced sample of various generations of scholars who contributed to what Barry Eichengreen defined as “the new monetary and financial history” – an approach that combines the analysis of monetary aggregates and policies with the structure and dynamics of the banking sector and financial markets. We have structured this handbook in ten broad thematic parts: the historical origins of money; money, coinage, and the state; trade, money markets, and international currencies; money and metals; monetary experiments; Asian monetary systems; exchange rate regimes; monetary integration; central banking and monetary policy; and aggregate price shocks. In this introduction, we offer for each part some historical context, a few key insights from the literature, and a brief analytical summary of each chapter. Our aim is to draw a map that hopefully will help readers to organize their journey through this very wide and diverse research area.

Keywords

Monetary and financial history Monetary regimes Monetary theories Monetary policies and institutions 

References

  1. Abramitzky R (2015) Economics and the modern economic historian. J Econ Hist 75(4):1240–1251CrossRefGoogle Scholar
  2. Accominotti O (2012) London merchant banks, the central European panic, and the sterling crisis of 1931. J Econ Hist 72(1):1–43CrossRefGoogle Scholar
  3. Accominotti O, Eichengreen B (2016) The mother of all sudden stops: capital flows and reversals in Europe, 1919-32. Econ Hist Rev 69(2):469–492CrossRefGoogle Scholar
  4. Aizenman J, Chinn MD, Ito H (2010) The emerging global financial architecture: tracing and evaluating the new patterns of the trilemma’s configurations. J Int Money Financ 29(4):615–641CrossRefGoogle Scholar
  5. Aizenman J, Chinn MD, Ito H (2013) The ‘impossible trinity’ hypothesis in an era of global imbalances: measurement and testing. Rev Int Econ 21(3):447–458CrossRefGoogle Scholar
  6. Allen R, Bassino J-P, Ma D, Moll-Durata C, Van Zanden L (2011) Wages, prices and living standards in China 1738–1925: in comparison with Europe. Jpn India Econ Hist Rev 64:8–38CrossRefGoogle Scholar
  7. Allen M (2012) Mints and money in medieval England. Cambridge University Press, CambridgeCrossRefGoogle Scholar
  8. Baak B (2006) America’s first monetary policy: inflation and seigniorage during the revolutionary war. Financ Hist Rev 15(2):107–121CrossRefGoogle Scholar
  9. Bae K-H, Bailey W (2011) The Latin monetary union: some evidence on Europe’s failed common currency. Rev Dev Financ 1:131–149CrossRefGoogle Scholar
  10. Benati L (2005) The inflation-targeting framework from an historical perspective. Bank England Q Bull 45(2):160–168Google Scholar
  11. Benati L (2008) Investigating inflation persistence across monetary regimes. Q J Econ 123(3):1005–1060CrossRefGoogle Scholar
  12. Benati L (2009) Long run evidence on money growth and inflation. European Central Bank Working Paper n. 1027, Frankfurt A.M.Google Scholar
  13. Benati L, Lucas R, Nicolini JP, Weber W (2016) International evidence on long run money demand. NBER Working Paper n. 22475Google Scholar
  14. Bernanke BS (1983) Nonmonetary effects of the financial crisis in the propagation of the great depression. Am Econ Rev 73(3):257–276Google Scholar
  15. Boerner L, Volckart O (2011) The utility of a common coinage: currency unions and the integration of money markets in late medieval Central Europe. Explor Econ Hist 48:53–65CrossRefGoogle Scholar
  16. Bordo MD (1986) Money deflation and seigniorage in the 15th century. J Monet Econ 18(11):337–346CrossRefGoogle Scholar
  17. Bordo MD (2003) Exchange rate regime choice in historical perspective. IMF Working Papers, n. 160, Washington DCGoogle Scholar
  18. Bordo MD (2004) The United States as a monetary union and the euro: a historical perspective. Cato J 24(1/2):163–170Google Scholar
  19. Bordo MD (2018) A historical perspective on the quest for financial stability and the monetary policy regime. J Econ Hist 78(2):319–357CrossRefGoogle Scholar
  20. Bordo MD, Dueker MJ, Wheelock DC (2002) Aggregate price shocks and financial instability: a historical analysis. Econ Inq 40(4):521–538CrossRefGoogle Scholar
  21. Bordo MD, Eichengreen B (eds) (1993) A retrospective on the Bretton woods system. University of Chicago Press, Chicago/LondonGoogle Scholar
  22. Bordo MD, Eichengreen B, Klingebiel D, Martinez-Peria MS, Rose AK (2001) Is the crisis problem growing more severe? Econ Policy 16(32):51–82CrossRefGoogle Scholar
  23. Bordo MD, Erceg C, Levin C, Michaels R (2007) Three great American disinflations. NBER Working Paper n. 12982Google Scholar
  24. Bordo MD, Filardo A (2005a) Deflation in a historical perspective. BIS Working Paper n. 186, BaselGoogle Scholar
  25. Bordo M, Filardo A (2005b) Deflation and monetary policy in a historical perspective: remembering the past or being condemned to repeat it? Econ Policy 20(44):799–844CrossRefGoogle Scholar
  26. Bordo MD, Flandreau M (2003) Core, periphery, exchange rate regimes, and globalization. In: Bordo MD, Taylor AM, Williamson JG (eds) Globalization in historical perspective. University of Chicago Press, Chicago/London, pp 417–472CrossRefGoogle Scholar
  27. Bordo MD, Jonung L (1999) The future of EMU: what does the history of monetary unions tell us? NBER Working Paper n. 7365Google Scholar
  28. Bordo MD, Jonung L, Markievicz A (2013) A fiscal union for the euro: some lessons from history. CESifo Econ Stud 59(3):449–488CrossRefGoogle Scholar
  29. Bordo MD, Kydland FE (1995) The gold standard as a rule. Explor Econ Hist 32:423–464CrossRefGoogle Scholar
  30. Bordo MD, Landon Lane J, Redish A (2004) Good versus bad deflation: lessons from the Gold Standard era. NBER Working Paper n. 10329Google Scholar
  31. Bordo MD, Meissner C (2007) Financial crises, 1880–1913: the role of foreign currency debt. In: Edwards S, Esquivel G, Márquez G (eds) The decline of Latin American economies: growth, institutions, and crises. University of Chicago Press, Chicago, pp 139–194CrossRefGoogle Scholar
  32. Bordo MD, Meissner CM, Stuckler D (2010) Foreign currency debt, financial crises and economic growth: a long run view. J Int Money Financ 29(4):642–665CrossRefGoogle Scholar
  33. Bordo MD, Orphanides A (2013) Introduction. In: Bordo MD, Orphanides A (eds) The great inflation. The rebirth of modern central banking. The University of Chicago Press, Chicago/London, pp 1–22CrossRefGoogle Scholar
  34. Bordo M, Redish A (2004) Is deflation depressing: evidence from the classical gold standard. In: Burdekin R, Siklos P (eds) Deflation: current and historical perspectives. Cambridge University Press, CambridgeGoogle Scholar
  35. Bordo MD, Rockoff H (1996) The gold standard as a “good housekeeping seal of approval”. J Econ Hist 56(2):389–428CrossRefGoogle Scholar
  36. Bordo MD, Schenk CR (2016) Monetary policy cooperation and coordination: an historical perspective on the importance of rules. In: Bordo MD, Taylor J (eds) Rules for international stability: past, present and future. Hoover Institution Press, Stanford, pp 205–262Google Scholar
  37. Bordo MD, Schwartz A (eds) (1984) A retrospective on the classical gold standard 1821–1931. University of Chicago Press, Chicago/LondonGoogle Scholar
  38. Bordo MD, Schwartz A (1999) Monetary policy regimes and economic performance: the historical record. In: Taylor JB, Woodford M (eds) Handbook of macroeconomics. North-Holland, Amsterdam, pp 149–234CrossRefGoogle Scholar
  39. Bordo MD, Schwartz A (2000) Measuring real economic effects of bailouts: historical perspectives on how countries in financial distress have fared with and without bailouts. Carn-Roch Conf Ser Public Policy 53(1):81–167CrossRefGoogle Scholar
  40. Bordo MD, Siklos P (2014) Central bank credibility, reputation and inflation targeting in historical perspective. NBER Working Paper n. 20693Google Scholar
  41. Bordo MD, Siklos P (2015) Central bank credibility: an historical and quantitative exploration. NBER Working Paper n. 20824Google Scholar
  42. Bordo MD, Siklos P (2018) Central banks: evolution and innovation in historical perspective. In: Edvinsson R, Jacobson T, Waldenström D (eds) Sveriges Riksbank and the history of central banking. Cambridge University Press, Cambridge, pp 26–89CrossRefGoogle Scholar
  43. Borio C, Filardo A (2004) Looking back at the international deflation record. N Am J Econ Financ 15:287–311CrossRefGoogle Scholar
  44. Borio C, Erdem M, Filardo A, Hofmann B (2015) The costs of deflations: a historical perspective. BIS Q Rev 15(3):31–54Google Scholar
  45. Boyer-Xambeau MT, Gillard L, Deleplace G (1994) Private money and public currencies: the sixteenth century challenge. Taylor and Francis, LondonGoogle Scholar
  46. Broadberry S, Gupta B (2006) The early modern great divergence: wages, prices and economic development in Europe and Asia, 1500–1800. Econ Hist Rev 59(1):2–31CrossRefGoogle Scholar
  47. Bundesbank (1999) Fifty years of the deutsche mark. Central bank and the currency in Germany since. Oxford University Press, Oxford, p 1948Google Scholar
  48. Burdekin RCK, Burkett P (1992) Money, credit and wages in hyperinflation: post-world war I Germany. Econ Inq 30(3):479–495CrossRefGoogle Scholar
  49. Burdekin RCK, Weidenmier MD (2001) Inflation is always and everywhere a monetary phenomenon: Richmond vs. Houston in 1864. Am Econ Rev 91(5):1621–1630CrossRefGoogle Scholar
  50. Calomiris CW (1988) Price and exchange rate determination during the greenback suspension. Oxf Econ Pap 40(4):719–750CrossRefGoogle Scholar
  51. Canova F (1991) The sources of financial crises: pre- and post-fed evidence. Int Econ Rev 32(3):689–713CrossRefGoogle Scholar
  52. Capie F (1986) Conditions in which very rapid inflation has appeared. Carn-Roch Conf Ser Public Policy 24:115–168CrossRefGoogle Scholar
  53. Capie F (1991) Introduction. In: Capie F (ed) Major inflations in history. Edward Elgar, Cheltenham, pp 1–10Google Scholar
  54. Capie F (1995) The evolution of central banking. World Bank Policy Research Working Paper n. 1534, Washington DCGoogle Scholar
  55. Capie F (2010) The Bank of England 1950s to 1979. Cambridge University Press, CambridgeCrossRefGoogle Scholar
  56. Capie F, Goodhart CAE, Schnadt N (1994) The development of central banking. In: Capie F, CAE G, Schnadt N, Fischer S (eds) The future of central banking. Cambridge University Press, Cambridge, pp 1–261Google Scholar
  57. Catao L (2007) Sudden stops and currency drops: a historical look. In: Edwards S, Esquivel G, Márquez G (eds) The decline of Latin American economies: growth, institutions, and crises. University of Chicago Press, Chicago, pp 243–289CrossRefGoogle Scholar
  58. Cecchetti SG (1992) Prices during the great depression: was the deflation of 1930–1932 really unanticipated? Am Econ Rev 82(1):141–156Google Scholar
  59. Celia J, Grubb F (2016) Non-legal-tender paper money: the structure and performance of Maryland’s bills of credit, 1767–75. Economic History Review 69(4):1132–1156Google Scholar
  60. Champ B, Freeman S, Haslag J (2018) Modelling monetary economies. Cambridge University Press, CambridgeGoogle Scholar
  61. Chilosi D, Volckart O (2010) Good or bad money? Debasement, society, and the state in the late Middle Ages. Working Paper 140/10, London School of Economic and Political Science, Economic History Working Paper n. 140, LondonGoogle Scholar
  62. Chilosi D, Volckart O (2011) Money, states, and empire: financial integration and institutional change in Central Europe, 1400–1520. J Econ Hist 71(3):762–791CrossRefGoogle Scholar
  63. Chitu L, Eichengreen B, Mehl A (2014) When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets. J Dev Econ 111(3):225–245CrossRefGoogle Scholar
  64. Cooper RN (2006) Almost a century of central bank cooperation. BIS Working Paper n. 198, BasleGoogle Scholar
  65. Davis JH, Hanes C, Rhode PW (2009) Harvests and business cycles in nineteenth-century America. Q J Econ 124(4):1675–1727CrossRefGoogle Scholar
  66. De Cecco M (1996) The European monetary union: lessons of historical experience. PSL Q Rev 46:55–68Google Scholar
  67. Dellas H, Tavlas GS (2009) An optimum-currency-area odyssey. J Int Money Financ 28(7):1117–1137CrossRefGoogle Scholar
  68. Desan C (2014) Making money: coin, currency, and the coming of capitalism. Oxford University Press, OxfordCrossRefGoogle Scholar
  69. de Vries J (2006) The industrious revolution: consumer behavior and the household economy, 1650 to present. Cambridge University Press, CambridgeGoogle Scholar
  70. Diebolt C, Haupert M (2016) Handbook of cliometrics. Springer, Berlin/HeidelbergCrossRefGoogle Scholar
  71. Earle T (1991) Chiefdoms: power, economy and ideology. Cambridge University Press, CambridgeGoogle Scholar
  72. Earle T (2002) Bronze age economics. Westwiev Press, BoulderGoogle Scholar
  73. Edvinsson R, Jacobson T, Waldenström D (eds) (2018) Sveriges Riksbank and the history of central banking. Cambridge University Press, CambridgeGoogle Scholar
  74. Eichengreen B (1984) Central bank cooperation under the interwar gold standard. Explor Econ Hist 21(1):64–87CrossRefGoogle Scholar
  75. Eichengreen B (1991) Introduction. In: Eichengreen B (ed) Monetary regime transformation. Edward Elgar, CheltenhamGoogle Scholar
  76. Eichengreen B (1996) Golden fetters: the gold standard and the great depression 1919–1939. Oxford University Press, OxfordCrossRefGoogle Scholar
  77. Eichengreen B (2009) Globalizing capital. A history of the international monetary system. Princeton University Press, PrincetonCrossRefGoogle Scholar
  78. Eichengreen B (2010) Exorbitant privilege. The rise and fall of the dollar and the future of the international monetary system. Oxford University Press, OxfordGoogle Scholar
  79. Eichengreen B (2011) The new monetary and financial history. In: Wood G et al (eds) Monetary and banking history. Essays in honour of Forrest Capie. Routledge, London, pp 27–48Google Scholar
  80. Eichengreen B, Flandreau M (2009) The rise and fall of the dollar (or when did the dollar replace sterling as the leading reserve currency?). Eur Rev Econ Hist 13(3):377–411CrossRefGoogle Scholar
  81. Eichengreen B, Flandreau M (2010) The Federal Reserve, the Bank of England and the rise of the dollar as an international currency 1914–39. BIS Working Papers, No. 328, BaselGoogle Scholar
  82. Eichengreen B, Mehl A, Chitu L (2018) How global currencies work: past, present, and future. Princeton University Press, PrincetonCrossRefGoogle Scholar
  83. Einaudi L (1997) Monetary unions and free riders, the case of the Latin monetary union (1865-78). Rivista di Storia Economica 3:327–362Google Scholar
  84. Einaudi L (2000a) From the franc to the 'Europe': the attempted transformation of the Latin monetary union into a European monetary union, 1865–1873. Econ Hist Rev 53(2):284–308CrossRefGoogle Scholar
  85. Einaudi L (2000b) ‘The generous utopia of yesterday can become the practical achievement of tomorrow’: 1000 years of monetary union in Europe. Natl Inst Econ Rev 172:90–104CrossRefGoogle Scholar
  86. Einaudi L (2001) Money and politics: European monetary unification and the international gold standard (1865–1873). Oxford University Press, OxfordGoogle Scholar
  87. Epstein S (2001) The late medieval crisis as an ‘integration crisis’. In: Prak M (ed) Early modern capitalism: economic and social change in Europe 1400–1800. Routledge, London, pp 25–50Google Scholar
  88. Ferguson N (1996) Constraints and room for manoeuvre in the German inflation of the early 1920. Econ Hist Rev 49(4):635–666CrossRefGoogle Scholar
  89. Ferguson T, Temin P (2004) Comment on ‘the German twin crisis of 1931’. J Econ Hist 64(3):872–876CrossRefGoogle Scholar
  90. Fischer S, Sahay R, Vegh C (2002) Modern hyper- and high inflations. J Econ Lit 40(3):837–880CrossRefGoogle Scholar
  91. Flandreau M (1995a) L’or du monde. la France et la stabilité du système monétaire international 1848–1873. L’Harmattan, ParisGoogle Scholar
  92. Flandreau M (1995b) Was the Latin monetary union a franc zone? In: Reis J (ed) International systems in historical perspective. McMillan, London, pp 71–89CrossRefGoogle Scholar
  93. Flandreau M (1997) Central bank cooperation in historical perspective: a sceptical view. Econ Hist Rev 50(4):735–763CrossRefGoogle Scholar
  94. Flandreau M (2000) The economics and politics of monetary unions: a reassessment of the Latin monetary union, 1865–71. Financ Hist Rev 7:25–43CrossRefGoogle Scholar
  95. Flandreau M (2003) The glitter of gold. France, bimetallism and the emergence of the International Gold Standard 1848–1873. Oxford University Press, OxfordGoogle Scholar
  96. Flandreau M, Jobst C (2005) The ties that divide: a network analysis of the international monetary system, 1890–1910. J Econ Hist 65(4):977–1007CrossRefGoogle Scholar
  97. Flandreau M, Jobst C (2009) The empirics of international currencies: network externalities, history and persistence. Econ J 119(537):643–664CrossRefGoogle Scholar
  98. Flandreau M, Maurel M (2005) Monetary union, trade integration, and business cycles in 19th century Europe. Open Econ Rev 16:135–152CrossRefGoogle Scholar
  99. Flandreau M, Ugolini S (2013) Where it all began: lending of last resort and Bank of England monitoring during the Overend-gurney panic of 1866. In: Bordo MD, Roberds W (eds) The origins, history and future of the Federal Reserve: a return to Jekyll Island. Cambridge University Press, New York, pp 113–161CrossRefGoogle Scholar
  100. Flynn D (2013) Precious metals and moneys. In: Caprio G et al (eds) Handbook of key global financial markets, institutions, and infrastructure. Elsevier, London/San Francisco, pp 1200–1800Google Scholar
  101. Flynn DO, Giraldez A (1995a) Born with a ‘silver spoon’. The origin of world trade in 1571. J World Hist 6(2):201–221Google Scholar
  102. Flynn DO, Giraldez A (1995b) Arbitrage, China and world trade in the early modern period. J Econ Soc Hist Orient 38(4):429–448CrossRefGoogle Scholar
  103. Flynn DO, Giraldez A (2002) Cycles of silver: global economic unity through the mid-eighteenth century. J World Hist 13(2):391–427CrossRefGoogle Scholar
  104. Flynn DO, Giraldez A, von Glahn R (2003) (eds) Global connections and monetary history 1470–1800. Ashgate, AldershotGoogle Scholar
  105. Foreman-Peck J (2005) Lessons from Italian monetary unification. Cardiff Economics Working Papers n. E2005/4Google Scholar
  106. Fox D, Ernst W (2016) Money in the Western legal tradition: middle ages to Bretton woods. Oxford University Press, OxfordCrossRefGoogle Scholar
  107. Fratianni M, Spinelli F (1997) A monetary history of Italy. Cambridge University Press, CambridgeCrossRefGoogle Scholar
  108. Friedman M (1986) Monetary policy in a fiat world. Contemp Policy Issues 4(1):1–9CrossRefGoogle Scholar
  109. Giovannini A (1992) Bretton woods and its precursors: rules versus discretion in the history of international monetary regimes. In: Bordo MD, Eichengreen B (eds) A retrospective on the Bretton woods system. University of Chicago Press, Chicago/London, pp 109–154Google Scholar
  110. Goldstone J (1984) Urbanization and inflation: lessons from the English Price revolution of the sixteenth and seventeenth centuries. Am J Sociol 89:1122–1160CrossRefGoogle Scholar
  111. Goodhart CAE (1988) The evolution of central banks. MIT Press, CambridgeGoogle Scholar
  112. Goodhart CAE (1989) Money, information and uncertainty. Macmillan, LondonCrossRefGoogle Scholar
  113. Goodhart CAE (1998) The two concepts of money: implications for the analysis of optimal currency areas. Eur J Polit Econ 14(1998):407–432CrossRefGoogle Scholar
  114. Goodhart CAE (2011) The changing role of central banks. Financ Hist Rev 18(2):135–154CrossRefGoogle Scholar
  115. Ghosh AR, Gulde AM, Wolf HC (2003) Exchange rate regimes: choices and consequences. MIT Press, CambridgeCrossRefGoogle Scholar
  116. Grubb F (2003) Creating the U.S. dollar currency union, 1748–1811: a quest for monetary stability or a usurpation of state sovereignty for personal gain? Am Econ Rev 93(5):1778–1798CrossRefGoogle Scholar
  117. Grubb F (2006) The U.S. constitution and monetary powers: an analysis of the 1787 constitutional convention and the constitutional transformation of the U.S. monetary system. Financ Hist Rev 13(1):43–71CrossRefGoogle Scholar
  118. Grubb F (2008) The continental Dollar: how much was really issued? J Econ Hist 68(1):283–291CrossRefGoogle Scholar
  119. Grubb F (2012) State redemption of the continental Dollar, 1779-90. William Mary Q 69(1):147–180CrossRefGoogle Scholar
  120. Grubb F (2013) The Continental Dollar: how the American Revolution was financed with paper money-Initial design and ideal performance. NBER Working Paper n. 19577Google Scholar
  121. Grubb F (2016a) Is paper money just paper money? Experimentation and variation in the paper monies issued by the American colonies from 1690 to 1775. Res Econ Hist 32:147–224CrossRefGoogle Scholar
  122. Grubb F (2016b) Colonial New Jersey paper money, 1709–1775: value decomposition and performance. J Econ Hist 76(4):1216–1232CrossRefGoogle Scholar
  123. Hamilton JD (1987) Monetary factors in the great depression. J Monet Econ 19(2):145–169CrossRefGoogle Scholar
  124. Hamilton JD (1992) Was the deflation during the great depression anticipated? Evidence from the commodity futures market. Am Econ Rev 82(1):157–178Google Scholar
  125. Hanes C, Rhode PW (2013) Harvests and financial crises in gold standard America. J Econ Hist 73(1):201–246CrossRefGoogle Scholar
  126. Helleiner E (2003) The making of national money. Territorial currencies in historical perspective. Cornell University Press, IthacaGoogle Scholar
  127. Hetzel R (2008) The monetary policy of the Federal Reserve. A history. Cambridge University Press, CambridgeCrossRefGoogle Scholar
  128. James H (1996) International monetary cooperation under Bretton Woods. Oxford University Press, Oxford/New York; International Monetary Fund, Washington DCGoogle Scholar
  129. James H (1997) Monetary and fiscal unification in nineteenth-century Germany: what can Kohl learn from Bismarck? Essays in International Finance n. 202, Department of Economics, Princeton UniversityGoogle Scholar
  130. Jaremski M (2019) Today’s economic history and tomorrow’s scholars. Cliometrica.  https://doi.org/10.1007/s11698-019-00188-9
  131. Jordà O, Schularick M, Taylor AM (2011) Financial crises, credit booms, and external imbalances: 140 years of lessons. IMF Econ Rev 59(2):340–378CrossRefGoogle Scholar
  132. Jordà O, Schularick M, Taylor AM (2013) When credit bites back. J Money Credit Bank 45(s2):3–28CrossRefGoogle Scholar
  133. Jordà O, Schularick M, Taylor AM (2015) Leveraged bubbles. J Monet Econ 76(supplement issue):s1–s20CrossRefGoogle Scholar
  134. Kahn CM, Roberds W (2007) Transferability, finality and debt settlement. J Monet Econ 54(4):955–978CrossRefGoogle Scholar
  135. Karaman KK, Sevket P, Yildirim-Karaman S (forthcoming) Money and monetary stability in Europe 1300–1914. J Monet Econ.  https://doi.org/10.1016/j.jmoneco.2019.07.007
  136. Kuroda A (2008a) What is the complementarity among monies? An introductory note. Financ Hist Rev 15(1):7–11CrossRefGoogle Scholar
  137. Kleer RA (2008) Fictitious cash: English public finance and paper money, 1689–97. In McGrath CI, Fauske CJ (eds) Money, power and print: interdisciplinary studies on the financial revolution in the British Isles. University of Delaware Press, Newark, pp. 70–103Google Scholar
  138. Kleer RA (2015) ‘A new species of mony’: British Exchequer bills, 1701–1711. Financial History Review 22(2): 179–203Google Scholar
  139. Kleer RA (2017) Money, politics, and power. Banking and public finance in wartime England 1694–1696. Routledge, London/New YorkGoogle Scholar
  140. Kuroda A (2008b) Concurrent but non-integrable currency circuits: complementary relationships among monies in modern China and other regions. Financ Hist Rev 15(1):17–36CrossRefGoogle Scholar
  141. Le Rider G (2001) La naissance de la monnaie. In: Pratíques monétaires de l’Orient ancien. Presses Universitaires de France, ParisGoogle Scholar
  142. Lindert P (1985) English population, wages, and prices: 1541–1913. J Interdiscip Hist 15:609–634CrossRefGoogle Scholar
  143. Lopez JA, Mitchener KJ (2018) Uncertainty and hyperinflation: European inflation dynamics after World War I. NBER Working Paper, 24624Google Scholar
  144. Ma D (2013) Chinese money and monetary system 1800–2000. Overview. In: Caprio G et al (eds) Handbook of key global financial markets, institutions, and infrastructure. Elsevier, London/San Francisco, pp 57–64CrossRefGoogle Scholar
  145. Margo R (2018) The integration of economic history into economics. Cliometrica 12:377–406CrossRefGoogle Scholar
  146. Mayhew N (1995) Population, money supply, and the velocity of circulation in England, 1300–1700. Econ Hist Rev 48:238–257Google Scholar
  147. Mayhew N (2013) Prices in England 1170–1750. Past Present 219:3–39CrossRefGoogle Scholar
  148. McCallum BT (1992) Money and price in colonial America: a new test of competing theories. J Polit Econ 100(1):143–161CrossRefGoogle Scholar
  149. McKinnon RI (1993) The rules of the game: international money in historical perspective. J Econ Lit 31:1–44Google Scholar
  150. Meissner CM (2013) Capital flows, credit booms, and financial crises in the classical Gold Standard era. NBER Working Paper n. 18814Google Scholar
  151. Meltzer AH (2003) A history of the Federal Reserve vol 1 1913–1951. The University of Chicago Press, ChicagoGoogle Scholar
  152. Meltzer AH (2010) A history of the Federal Reserve vol 2 book 1 1951–1969. The University of Chicago Press, ChicagoGoogle Scholar
  153. Michener R (1987) Fixed exchange rates and the quantity theory in colonial America. Carn-Roch Conf Ser Public Policy 27:233–307CrossRefGoogle Scholar
  154. Michener R (1988) Backing theories and the currencies of eighteenth-century America: a comment. J Econ Hist 48(3):682–692CrossRefGoogle Scholar
  155. Michener R (2015) Redemption theories and the value of American colonial paper money. Financ Hist Rev 22(3):315–335CrossRefGoogle Scholar
  156. Michener R, Wright R (2005) State 'currencies' and the transition to the U.S. dollar: clarifying some confusions. Am Econ Rev 95(3):682–703CrossRefGoogle Scholar
  157. Michener R, Wright R (2006) Development of the US monetary union. Financ Hist Rev 13(1):19–41CrossRefGoogle Scholar
  158. Mishkin FS (1999) International experiences with different monetary policy regimes. J Monet Econ 43:579–605CrossRefGoogle Scholar
  159. Miskimin HA (1984) Money and power in fifteenth-century France. Yale University Press, New Haven/LondonCrossRefGoogle Scholar
  160. Monnet E (2018) Controlling credit. Central banking and the planned economy in postwar France 1948–1973. Cambridge University Press, CambridgeCrossRefGoogle Scholar
  161. Mouré K (2002) The gold standard illusion: France, the Bank of France, and the international gold standard, 1914–1939. Oxford University Press, OxfordGoogle Scholar
  162. Muldrew C (2001) ’Hard food for Midas’: cash and its social value in early modern England. Past Present 170:78–120CrossRefGoogle Scholar
  163. Muldrew C (2007) Wages and the problem of monetary scarcity in early modern England. In: Lucassen J (ed) Wages and currency. Peter Lang, New York, p 393Google Scholar
  164. Muldrew C, King S (2003) Cash, wages and the economy of makeshifts in England, 1650–1800. In: Scholliers P, Schwarz L (eds) Experiencing wages: social and cultural aspects of wage forms in Europe since 1500. Berghahn Books, New York, pp 155–180Google Scholar
  165. Munro J (1991) The central European mining boom, mint outputs, and prices in the Low Countries and England, 1450 – 1550. In: Van Cauwenberghe EHG (ed) Money, coins and commerce: essays in the monetary history of Asia and Europe (from antiquity to modern times). Leuven University Press, Leuven, pp 119–183Google Scholar
  166. Munro J (1992) Bullion flows and monetary policies in England and the Low Countries, 1350–1500. Ashgate, AldershotGoogle Scholar
  167. Munro J (2003) The monetary origins of the ‘Price Revolution’: South German silver mining, merchant-banking, and Venetian commerce, 1470–1540. In: Flynn D, Giráldez A, von Glahn R (eds) Global connections and monetary history 1470–1800 (ed) D Flynn, A. Giráldez and R. von Glahn. Aldershot and Brookfield, AshgateGoogle Scholar
  168. Munro J (2008) Price revolution. In: Durlauf SN, Blume LE (eds) The new Palgrave dictionary of economics, vol 6. Palgrave Macmillan, London, pp 632–634Google Scholar
  169. Munro J (2016) The technology and economics of coinage debasements in medieval and early modern Europe: with special references to the Low Countries and England. In: Munro J (ed) Money in the pre-industrial world. Routledge, London, pp 15–32Google Scholar
  170. Neal L (2000) How it all began: the monetary and financial architecture of Europe during the first global capital markets, 1648–1815. Financ Hist Rev 7:117–140CrossRefGoogle Scholar
  171. Neal L (2012) “I am not master of events”: the speculations of John law and Lord Londonderry in the Mississippi and South Sea bubbles. Yale University Press, New HavenGoogle Scholar
  172. Needham D (2014) UK monetary policy from devaluation to Thatcher 1967–1982. Palgrave Macmillan, LondonGoogle Scholar
  173. Nicolini E, Ramos F (2010) A new method for estimating the money demand in pre-industrial economies: probate inventories and Spain in the eighteenth century. Eur Rev Econ Hist 14:145–177CrossRefGoogle Scholar
  174. North D (1994) Government and the cost of exchange in history. J Econ Hist 44:255–264CrossRefGoogle Scholar
  175. Obstfeld M, Shambaugh JC, Taylor AM (2005) The trilemma in history: tradeoffs among exchange rates, monetary policies, and capital mobility. Rev Econ Stat 87(3):423–438CrossRefGoogle Scholar
  176. Ohkura T, Shimbo H (1978) The Tokugawa monetary policy in the eighteenth and nineteenth centuries. Explor Econ Hist 15:101–124CrossRefGoogle Scholar
  177. Palma N (2018) Reconstruction of money supply over the long run: the case of England, 1270–1870. Econ Hist Rev 71(2):373–392CrossRefGoogle Scholar
  178. Patat JP, Lutfalla M (1990) Monetary history or France in the twentieth century. Palgrave Macmillan, LondonCrossRefGoogle Scholar
  179. Pomerantz K (2000) The great divergence: China, Europe and the making of the modern world economy. Princeton University Press, PrincetonCrossRefGoogle Scholar
  180. Prados de la Escosura L, Álvarez Nogal C (2013) The rise and fall of Spain, 1270–1850. Econ Hist Rev 66(1):1–37CrossRefGoogle Scholar
  181. Quinn S (1997) Goldsmith-banking: mutual acceptance and interbanker clearing in restoration London. Explor Econ Hist 34:411–432CrossRefGoogle Scholar
  182. Quinn S, Roberds W (2003) Are on-line currencies virtual banknotes? Fed Reserv Bank Atl Econ Rev 88(2):1–15Google Scholar
  183. Quinn S, Roberds W (2008) The evolution of the check as a means of payment: a historical survey. Fed Reserv Bank Atl Econ Rev 93(4):1–28Google Scholar
  184. Quinn S, Roberds W (2014) How Amsterdam got fiat money. J Monet Econ 66:1–12CrossRefGoogle Scholar
  185. Redish A (2000) Bimetallism. An economic and historical analysis. Cambridge University Press, CambridgeGoogle Scholar
  186. Rheinart C, Rogoff K (2004) The modern history of exchange rate arrangements: a reinterpretation. Q J Econ 119(1):1–48CrossRefGoogle Scholar
  187. Robson E (1999) Mesopotamian mathematics 2100–1600 BC. Technical constants in bureaucracy and education. Oxford University Press, OxfordGoogle Scholar
  188. Robson E (2007) Mesopotamian mathematics. In: Katz VJ (ed) The mathematics of Egypt, Mesopotamia, China, India and Islam. A sourcebook. Princeton University Press, Princeton, pp 58–185Google Scholar
  189. Rockoff H (2000) How long did it take the United States to become an optimum currency area? NBER Historical Working Paper n. 124Google Scholar
  190. Rolnick AJ, Weber WE (1986) Gresham’s law or Gresham’s fallacy? Fed Reserv Bank Minneapol Q Rev 10(1):17–24Google Scholar
  191. Rolnick AJ, Weber WE (1997) Inflation and output under fiat and commodity standards. J Polit Econ 105(6):1308–1321CrossRefGoogle Scholar
  192. Rolnick AJ, Velde FR, Weber WE (1996) The debasement puzzle: an essay on medieval monetary history. J Econ Hist 56(4):789–808CrossRefGoogle Scholar
  193. Romer CD, Romer DH (2013) The missing transmission mechanism in the monetary explanation of the great depression. Am Econ Rev 103(3):66–72CrossRefGoogle Scholar
  194. Rose AK (2011) Exchange rate regimes in the modern era: fixed, floating, and flaky. J Econ Lit 49(3):652–672CrossRefGoogle Scholar
  195. Rousseau PL (2002) Jacksonian monetary policy, specie flows and the panic of 1837. J Econ Hist 62(2):457–488CrossRefGoogle Scholar
  196. Rousseau PL (2006) A common currency: early US monetary policy and the transition to the dollar. Financ Hist Rev 13:97–122CrossRefGoogle Scholar
  197. Rousseau P (2007) Backing, the quantity theory, and the transition to the US dollar, 1723–1850. Am Econ Rev 97(2):266–270CrossRefGoogle Scholar
  198. Rousseau P (2015) Politics on the road of US monetary union. In: Humpage OF (ed) Current Federal Reserve policy under the lens of economic history. Essays to commemorate the Federal Reserve System’s centennial. Cambridge University Press, Cambridge, pp 151–173CrossRefGoogle Scholar
  199. Sargent TJ (1982) The ends of four big inflations. In: Hall RE (ed) Inflation: causes and effects. University of Chicago Press, Chicago/London, pp 41–98Google Scholar
  200. Sargent TJ, Smith BD (1997) Coinage, debasements, and Gresham’s law. Econ Theory 10:197–226CrossRefGoogle Scholar
  201. Sargent TJ, Velde FR (1995) Macroeconomic features of the French revolution. J Polit Econ 103(3):474–518CrossRefGoogle Scholar
  202. Sargent TJ, Velde FR (1999) The big problem of small change. J Money Credit Bank 31(2):137–161CrossRefGoogle Scholar
  203. Sargent TJ, Velde FR (2003) The big problem of small change. Princeton University Press, PrincetonGoogle Scholar
  204. Schnabel I (2004a) The German twin crisis of 1931. J Econ Hist 64(3):822–871CrossRefGoogle Scholar
  205. Schnabel I (2004b) Reply to Thomas Ferguson and Peter Temin’s “comment on ‘the German twin crisis of 1931”’. J Econ Hist 64(3):877–878CrossRefGoogle Scholar
  206. Schnabel I (2009) The role of liquidity and implicit guarantees in the German twin crisis of 1931. JInt Money Financ 28(1):1–25CrossRefGoogle Scholar
  207. Schularick M, Taylor AM (2012) Credit booms gone bust: monetary policy, leverage cycles, and financial crises, 1870–2008. Am Econ Rev 102(2):1029–1061CrossRefGoogle Scholar
  208. Selgin G (1996) Salvaging Gresham’s law: the good, the bad, and the illegal. J Money Credit Bank 28(4):637–649CrossRefGoogle Scholar
  209. Selgin G (2007) The suppression of state banknotes: a reconsideration. Econ Inq 38(4):600–615CrossRefGoogle Scholar
  210. Selgin G (2008) Good money: Birmingham button makers, the Royal Mint, and the beginnings of modern coinage, 1775–1821: private enterprise and popular coinage. University of Michigan Press, Ann ArborGoogle Scholar
  211. Siklos P (1990) Hyperinflations: their origins, development and termination. J Econ Surv 4(3):225–248CrossRefGoogle Scholar
  212. Smith BD (1985) Some colonial evidence on two theories of money: Maryland and the Carolinas. J Polit Econ 93(6):1178–1211CrossRefGoogle Scholar
  213. Smith BD (1988) The relationship between money and prices: some historical evidence reconsidered. Fed Reserv Bank Minneapol Q Rev 12(Summer):18–32Google Scholar
  214. Spufford P (1991) Money and its use in medieval Europe. Cambridge University Press, CambridgeGoogle Scholar
  215. Straumann T, Woitek U (2009) A pioneer of a new monetary policy? Sweden’s price-level targeting of the 1930s revisited. Eur Rev Econ Hist 13:251–282CrossRefGoogle Scholar
  216. Sussman N (1993) Debasements, royal revenues, and inflation in France during the hundred years’ war, 1415–1422. J Econ Hist 53(1):44–70CrossRefGoogle Scholar
  217. Sussman N (1998) The late medieval bullion famine reconsidered. J Econ Hist 58(1):126–154CrossRefGoogle Scholar
  218. Sussman N, Zeira J (2003) Commodity money inflation: theory and evidence from France in 1350–1436. J Monet Econ 50(8):1769–1793CrossRefGoogle Scholar
  219. Sylla R (1982) Monetary innovations in America. J Econ Hist 42(1):21–30CrossRefGoogle Scholar
  220. Sylla R (2006) The transition to a monetary union in the US. Financial. Hist Rev 13(1):73–95Google Scholar
  221. Sylla R (2014) Early US struggles with fiscal federalism: lessons for Europe? Comp Econ Stud 56(2):157–175CrossRefGoogle Scholar
  222. Tavlas GS (1993) The ‘new’ theory of optimum currency areas. World Econ 16(6):663–685CrossRefGoogle Scholar
  223. Taylor AM (1998) On the costs of inward-looking development: price distortions, growth, and divergence in Latin America. J Econ Hist 58(1):1–28Google Scholar
  224. Timini J (2018) Currency unions and heterogeneous trade effects: the case of the Latin monetary union. Eur Rev Econ Hist 22(3):322–348CrossRefGoogle Scholar
  225. Toniolo G (ed) (1988) Central banks’ independence in historical perspective. De Gruyter, Berlin/New YorkGoogle Scholar
  226. Toniolo G (2005) Central bank cooperation at the Bank for International Settlements, 1930–1973. Cambridge University Press, CambridgeGoogle Scholar
  227. Toniolo G, Conte L, Vecchi G (2003) Monetary unification, institutions and financial market integration: Italy, 1862–1905. Explor Econ Hist 40:443–461CrossRefGoogle Scholar
  228. Toniolo G, White E (2015) The evolution of the financial stability mandate: from its origins to the present day. NBER Working Paper n. 20844Google Scholar
  229. Van de Mieroop (2004) The ancient Mesopotamian city. Oxford University Press, OxfordGoogle Scholar
  230. Velde FR (2007) John Law’s system. Am Econ Rev 97(2):276–279CrossRefGoogle Scholar
  231. Velde FR (2008) Government equity and money: John Laws system in 1720 France. Princeton University Press, PrincetonGoogle Scholar
  232. Velde FR, Weber WE, Wright R (1999) A model of commodity money, with applications to Gresham’s law and the debasement puzzle. Rev Econ Dyn 2:291–323CrossRefGoogle Scholar
  233. Volckart O (2018) Technologies of money in the middle ages: the “principles of minting”. London School of Economics and Political Science, Economic History Working Paper n. 275Google Scholar
  234. von Glahn R (1996) Fountain of fortune. Money and monetary policy in China, 1000–1700. University of 1784 California Press, OaklandGoogle Scholar
  235. von Glahn R (2007) Foreign silver coins in the market culture of nineteenth century China. Int J Asian Stud 4(1):51–78CrossRefGoogle Scholar
  236. von Glahn R (2013) Chinese finance 1348–1700. In: Caprio G et al (eds) Handbook of key global financial markets, institutions, and infrastructure. Elsevier, London/San Francisco, pp 47–56CrossRefGoogle Scholar
  237. von Glahn (2016) The economic history of China: from antiquity to the nineteenth century. Cambridge University Press, CambridgeGoogle Scholar
  238. Walsh C (2010) Monetary theory and policy. MIT Press, CambridgeGoogle Scholar
  239. Wehrheim L (2019) Economic history goes digital: topic modeling the journal of economic history. Cliometrica 13:83–125CrossRefGoogle Scholar
  240. Whaples R (2002) The Supply and Demand of Economic History: Recent Trends in the Journal of Economic History. J Econ Hist 62(2):524–532Google Scholar
  241. White E (1995) The French revolution and the politics of government finance 1770–1815. J Econ Hist 55:227–255CrossRefGoogle Scholar
  242. Wray LR (2012) Introduction. An overview of heterodox approaches to money and financial institutions. In: Wray LR (ed) Theories of money and banking. Development of heterodox approaches to money and banking, vol 1. Edward Elgar, Cheltenham, pp 1–15Google Scholar
  243. Wray LR (2014) From the State Theory of Money to Modern Money Theory: an alternative to economic orthodoxy. Levy Economics Institute of Bard College, Working Paper n. 792Google Scholar

Copyright information

© Springer Nature Singapore Pte Ltd. 2020

Authors and Affiliations

  1. 1.Department of Social SciencesUniversidad Carlos III de MadridMadridSpain
  2. 2.School of CommerceWaseda UniversityTokyoJapan

Personalised recommendations