In general, advanced countries with large exports and imports were most likely to let currencies float. Smaller countries that had suffered from hyper-inflation were likely to peg their currencies to the dollar or euro, seeking protection against inflation.54 Other countries with Gold bars are ...
The central argument of this paper is that theories of negative integration alone cannot explain financial globalization in general and the emergence of a global off- shore US dollar system in particular. Rather, we argue that positive integration played an essential role in the process. We show ...