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| Author: | Flandreau, M. Jobst, C. |
| Title: | The empirics of international currencies: Network externalities, history and persistence |
| Journal: | Economic Journal
2009 : APR, VOL. 119:537, p. 643-664 |
| Index terms: | international finance currency models microeconomics externalities United Kingdom USA |
| Language: | eng |
| Abstract: | Based on a new database for the late 19th century, this article presents evidence on the empirical determinants of international (here as: int.) currency status. There is evidence in favour of the search-theoretic models to int. currencies. Using a microeconomic model of currency choice, there is empirical support provided to strategic externalities. Strong confirmation of the existence of persistence is found. However, the view of the int. monetary system being subject to pure path dependency and lock-in effects, is rejected. |
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