International Money and Common Currencies in Historical Perspective

Gerald P. Dwyer, Jr. and James R. Lothian

in Monetary Unions and Hard Pegs

Published in print March 2004 | ISBN: 9780199271405
Published online August 2004 | e-ISBN: 9780191601200 | DOI:
 International Money and Common Currencies in Historical Perspective

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This chapter reviews the history of international monies and the theory related to their adoption and use. There are four key characteristics of these currencies: High unitary value, relatively low rates of inflation for long periods, issuance by major economic and trading powers, and spontaneous, as opposed to planned, adoption internationally. The economic theory of the demand for money provides support for the importance of these characteristics.

Keywords: ancient and medieval history; characteristics of universal money; common moneys; nonetary history; monetary theory

Chapter.  7680 words. 

Subjects: Economic Systems

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