Paper Title
(In)Stability Analysis of International Monetary Systems Focusing on World Trade and Finance: Cumulative Sum (CUSUM) Approach

Abstract
Floating exchange rate regime in most countries has been adoptedunder the international monetary system (I.M.S.) since the end of the Bretton Wood (B.W.) agreement. And then system is accompanied mainly by several economic crises which have largely arisen due tothe exchange rate volatility, high inflation and low growth rates, and trade tensions. The current systembased on fiat money has been heavily criticizedfor its speculative attacks and lacking stable anchor compared to the gold standard and the Bretton Woods system. This paper considers the regression analysis and CUSUM test toassess each monetary system periodsfocusing on the stability of inflation, gold price, and exchange rate from 1880 to 2016. From the empirical results of these tests, we find that the fixed exchange rates regimes such as the gold standard and Bretton Woods period experienced much lower and more stable inflation rate and gold prices for the world trade and finance systems. Keywords - International Monetary System, The Gold Standards, Economic Stability, CUSUM Test.