Keynes and the International Monetary System: Time for a Tabular Standard?

Abstract

This paper discusses the proposals for a tabular standard in the late 19th and early 20th century, as the gold standard unraveled. In particular, we focus on Keynes’ use of the tabular standard in his own international monetary proposals and consider how sympathetic he was to this idea of linking the value of an international reserve currency to a broad index of primary commodities, weighted in terms of their value in international trade. We argue that such a tabular standard was Keynes’ ideal long run vision for anchoring the international monetary system, even post Bretton Woods.