Titlebook: International Monetary Systems in Historical Perspective; Jaime Reis (Senior Research Fellow) Book 1995 Palgrave Macmillan, a division of

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A European Lender of Last Resort? Some Lessons from History,national LLR proposal from three aspects — analytical, historical and, to some extent, that of the history of economic thought; the primary focus is on theory and history. The chapter is in four main sections.

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The Role of Hegemonic Arrangements in the Evolution of the International Monetary System,t times the international monetary system has been based upon regimes where there has been, at least for some periods, a high degree of predictability because the regime was based upon a fairly clear-cut and generally accepted set of rules of behaviour by monetary authorities.

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Was the Latin Monetary Union a Franc Zone?,ulation throughout the Union of gold and silver coins issued independently by all participants. The Latin Union’s coins were identical in all respects but the print which indicated the country of origin. The agreement was substantiated by the commitment on behalf of each national Treasury to accept in payment the coins of any other member state.

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thorities do not seem to have come much closer to achieving the aim of enduring exchange rate stability combined with a good macroeconomic performance. A distinguished group of economists and economic historians offers new insights into the working of the most important of such experiences, includin

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Introduction,e of rulers or states. Even today, ‘few symbols of national sovereignty are as powerful as coins or bank notes’ (Eichengreen, 1993). One example, as we shall see, is Napoleon III who used monetary policy to further his aims of political aggrandisement and the expansion of France’s sphere of influence.

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The Origins of the Fixed-Rate Dollar System,until 1970. In this new periodisation it is the ‘rules of the game’ which define the systems, a Bretton Woods system which failed to operate successfully between 1945 and 1950, and the subsequent fixed-rate dollar system — a period of relatively stable exchange rates exceeded in length and stability only by the international gold standard.

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Portugal and the Bretton Woods International Monetary System,ears. Thus, the escudo can be considered a hard currency during the 1950s and 1960s, supported by persistent balance of payments surpluses and by large gold and foreign exchange reserves. By the end of the 1960s, the Portuguese monetary gold stock was about 2.25 per cent of the world total monetary stock.