Elena Seghezza - Böcker

This book presents the evolution of the international monetary system from the gold standard to the monetary system in force today. It adopts a political economy approach, emphasizing the economic and political conditions under which an international monetary system can come into existence and be maintained over time. This approach highlights how the gradual transition in the international context from commodity money to fiat money has been led by the need for greater elasticity of money supply and smooth adjustments. This transition, however, raises the issue of how to guarantee, over time, the value of a money devoid of intrinsic value. By presenting a historical evolution, the book explains how the existence of an international monetary system based on money without intrinsic value can only occur when a particular balance of power exists at the international level that allows for the production of trust in a fiat money. The book is a must-read for scholars, researchers, and students in the fields of economic history and international monetary economics, interested in better understanding the evolution of the international monetary system.

This book presents the evolution of the international monetary system from the gold standard to the monetary system in force today. It adopts a political economy approach, emphasizing the economic and political conditions under which an international monetary system can come into existence and be maintained over time. This approach highlights how the gradual transition in the international context from commodity money to fiat money has been led by the need for greater elasticity of money supply and smooth adjustments. This transition, however, raises the issue of how to guarantee, over time, the value of a money devoid of intrinsic value. By presenting a historical evolution, the book explains how the existence of an international monetary system based on money without intrinsic value can only occur when a particular balance of power exists at the international level that allows for the production of trust in a fiat money. The book is a must-read for scholars, researchers, and students in the fields of economic history and international monetary economics, interested in better understanding the evolution of the international monetary system.

Contrary to existing economic analyses of the Weimar Republic, this book looks beyond the explanations of the individual events that characterized it - in particular hyperinflation, Brüning's fiscal policy, and the 1931 crisis. Instead, it adopts a more unified approach, and thereby sheds light on the underlying causes of these events.The book argues that these individual events were the final result of economic processes and policy choices which had made it possible to mitigate the social and political conflict that would otherwise have undermined the Republic’s existence. Specifically, it postulates that hyperinflation was the result of the "persistent" inflation, which had permitted Germany to maintain low unemployment, meet unions' wage demands, and contain left-wing radicalism.Similarly, the banking and currency crisis of 1931 was caused by a sudden stop related to the high level of foreign debt incurred by Germany after the Dawes Plan. Debt which had, however, enabled the country to finance the persistent external deficits resulting from its high domestic demand and large public expenditure incurred in an attempt to avoid social conflict.The book reviews the various models and approaches proposed highlighting their relative strengths and weakness and concludes by providing a unifying common thread which explains how the dramatic economic events which characterized the Weimar Republic were the result of the very economic processes which had contributed to its temporary survival.This book will appeal to students, scholars, economic researchers in general, and more specifically to those interested in economic history, monetary and financial economics, economic policy, political decision making, and political economy, in particular, those seeking a better understanding of the Weimar Republic's economic history.