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This paper takes stock of the evolution of the international monetary system over the last thousand years. Several points stand out from the analysis. One is the reluctance of governments to embrace radical changes in international monetary relations. Another is the conflict between external and domestic objectives over the cycle, which has been a source of significant tension in the industrial core through much of this century, is now becoming a significant issue for developing countries. Finally, recent developments represent a return to the more market-driven international monetary system that characterized the better part of the preceeding millennium.

Investments: Metals --- Foreign Exchange --- Money and Monetary Policy --- International Monetary Arrangements and Institutions --- Financial Markets and the Macroeconomy --- Economic History: Financial Markets and Institutions: General, International, or Comparative --- Metals and Metal Products --- Cement --- Glass --- Ceramics --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Investment & securities --- Monetary economics --- Currency --- Foreign exchange --- Gold --- Silver --- Currencies --- International monetary system --- Exchange rates --- Commodities --- Money --- International finance --- United States

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This paper analyzes yield spreads on sovereign debt issued by emerging markets using modern data from the 1990s and newly-collected historical data on debt traded in London during 1870–1913, a previous “golden era” for international capital market integration. Applying several empirical approaches, we show that the co-movement of spreads across emerging markets is higher today than it was in the historical sample. We also show that sharp changes in spreads today tend to be mostly related to global events, whereas country-specific events played a bigger role in 1870–1913. Although we find some evidence that economic fundamentals, too, co-move more strongly today than at that earlier time, our interpretation of the results is that today’s investors pay less attention to country-specific events than their predecessors did in 1870–1913.

Banks and Banking --- Finance: General --- Investments: Bonds --- International Financial Markets --- Economic History: Financial Markets and Institutions: General, International, or Comparative --- General Financial Markets: General (includes Measurement and Data) --- Interest Rates: Determination, Term Structure, and Effects --- Finance --- Investment & securities --- Emerging and frontier financial markets --- Sovereign bonds --- Bonds --- Bond yields --- Yield curve --- Financial markets --- Financial institutions --- Financial services --- Financial services industry --- Interest rates --- Argentina

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