| Summary: | Along with globalization of trade and finance has come a certain globalization of money. Some countries have adopted monetary unions and currency boards; others increasingly use international currencies in place of national monies. This article explores the idea of a global money—framed here as a voluntary, representative arrangement based on accepted principles for optimal conduct monetary policy. It argues that if the current pace of economic and financial integration continues, a global money may emerge that is better adapted to internationalization of production and exchange—although such a change may be a long time in coming. (JEL F330, F360, E420) Reprinted by permission of the publisher.
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