History and chronology of changes of the world monetary system

Salmy Edawati Yaacob, Sanep Ahmad, Wan Kamal Mujani, Rohimi Shapiee, Hailani Muji Tahir

Research output: Contribution to journalArticle

3 Citations (Scopus)

Abstract

The world monetary system has undergone changes based on the needs and economic demands of the time. The state of panic is a situation of desperation which is the main cause of changes in the world monetary system. Questions arise here: What are the panic situations causing these changes and whether the global economic crisis today is the panic situation that permits the world to change to gold system? Hence, the purpose of this study is to analyze the history of the development of world monetary system and to identify the chronological chain of currency changes as well as to detect the panic situations that are causing changes in the system. This is a qualitative study going by the strategic approach of historical studies and library research. The results revealed that the chronological changes in the monetary system occurred intermittently between gold and paper money system (float) due to several situations referred to as panic situations. The panic situations identified were the war, the world recession and the problem of excessive inflation and deflation. Therefore, it is not possible if a panic situation occurs in dealing with global economic crisis today prompting for a switch in the currency system today to return to gold standard system.

Original languageEnglish
Pages (from-to)150-157
Number of pages8
JournalInternational Business Management
Volume6
Issue number2
DOIs
Publication statusPublished - 2012

Fingerprint

Chronology
Global economic crisis
Currency
Deflation
Float
Inflation
Qualitative study
Gold standard
Recession
Economics

Keywords

  • Gold money
  • Gold standard
  • Malaysia
  • Monetary history
  • Monetary system
  • Paper money

ASJC Scopus subject areas

  • Business and International Management
  • Strategy and Management

Cite this

History and chronology of changes of the world monetary system. / Yaacob, Salmy Edawati; Ahmad, Sanep; Mujani, Wan Kamal; Shapiee, Rohimi; Tahir, Hailani Muji.

In: International Business Management, Vol. 6, No. 2, 2012, p. 150-157.

Research output: Contribution to journalArticle

@article{5b16a048f745435089121a36f81b5e1c,
title = "History and chronology of changes of the world monetary system",
abstract = "The world monetary system has undergone changes based on the needs and economic demands of the time. The state of panic is a situation of desperation which is the main cause of changes in the world monetary system. Questions arise here: What are the panic situations causing these changes and whether the global economic crisis today is the panic situation that permits the world to change to gold system? Hence, the purpose of this study is to analyze the history of the development of world monetary system and to identify the chronological chain of currency changes as well as to detect the panic situations that are causing changes in the system. This is a qualitative study going by the strategic approach of historical studies and library research. The results revealed that the chronological changes in the monetary system occurred intermittently between gold and paper money system (float) due to several situations referred to as panic situations. The panic situations identified were the war, the world recession and the problem of excessive inflation and deflation. Therefore, it is not possible if a panic situation occurs in dealing with global economic crisis today prompting for a switch in the currency system today to return to gold standard system.",
keywords = "Gold money, Gold standard, Malaysia, Monetary history, Monetary system, Paper money",
author = "Yaacob, {Salmy Edawati} and Sanep Ahmad and Mujani, {Wan Kamal} and Rohimi Shapiee and Tahir, {Hailani Muji}",
year = "2012",
doi = "10.3923/ibm.2012.150.157",
language = "English",
volume = "6",
pages = "150--157",
journal = "International Business Management",
issn = "1993-5250",
publisher = "Medwell Publishing",
number = "2",

}

TY - JOUR

T1 - History and chronology of changes of the world monetary system

AU - Yaacob, Salmy Edawati

AU - Ahmad, Sanep

AU - Mujani, Wan Kamal

AU - Shapiee, Rohimi

AU - Tahir, Hailani Muji

PY - 2012

Y1 - 2012

N2 - The world monetary system has undergone changes based on the needs and economic demands of the time. The state of panic is a situation of desperation which is the main cause of changes in the world monetary system. Questions arise here: What are the panic situations causing these changes and whether the global economic crisis today is the panic situation that permits the world to change to gold system? Hence, the purpose of this study is to analyze the history of the development of world monetary system and to identify the chronological chain of currency changes as well as to detect the panic situations that are causing changes in the system. This is a qualitative study going by the strategic approach of historical studies and library research. The results revealed that the chronological changes in the monetary system occurred intermittently between gold and paper money system (float) due to several situations referred to as panic situations. The panic situations identified were the war, the world recession and the problem of excessive inflation and deflation. Therefore, it is not possible if a panic situation occurs in dealing with global economic crisis today prompting for a switch in the currency system today to return to gold standard system.

AB - The world monetary system has undergone changes based on the needs and economic demands of the time. The state of panic is a situation of desperation which is the main cause of changes in the world monetary system. Questions arise here: What are the panic situations causing these changes and whether the global economic crisis today is the panic situation that permits the world to change to gold system? Hence, the purpose of this study is to analyze the history of the development of world monetary system and to identify the chronological chain of currency changes as well as to detect the panic situations that are causing changes in the system. This is a qualitative study going by the strategic approach of historical studies and library research. The results revealed that the chronological changes in the monetary system occurred intermittently between gold and paper money system (float) due to several situations referred to as panic situations. The panic situations identified were the war, the world recession and the problem of excessive inflation and deflation. Therefore, it is not possible if a panic situation occurs in dealing with global economic crisis today prompting for a switch in the currency system today to return to gold standard system.

KW - Gold money

KW - Gold standard

KW - Malaysia

KW - Monetary history

KW - Monetary system

KW - Paper money

UR - http://www.scopus.com/inward/record.url?scp=84860843544&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=84860843544&partnerID=8YFLogxK

U2 - 10.3923/ibm.2012.150.157

DO - 10.3923/ibm.2012.150.157

M3 - Article

VL - 6

SP - 150

EP - 157

JO - International Business Management

JF - International Business Management

SN - 1993-5250

IS - 2

ER -