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Author : Ian M. Drummond
Publisher : Houndmills, Basingstoke, Hampshire : Macmillan Education
Page : 76 pages
File Size : 46,5 Mb
Release : 1987
Category : Business & Economics
ISBN : UVA:X001293047
Author : Mr.Tamim Bayoumi,Mr.Barry J. Eichengreen
Publisher : International Monetary Fund
Page : 32 pages
File Size : 48,8 Mb
Release : 1995-09-01
Category : Business & Economics
ISBN : 9781451851243
This paper examines some popular explanations for the smooth operation of the pre-1914 gold standard. We find that the rapid adjustment of economies to underlying disturbances played an important role in stabilizing output and employment under the gold standard system, but no evidence that this success also reflected relatively small underlying disturbances. Finally, the paper also suggests an explanation for the evolution of the international monetary system based on growing nominal inertia over time.
Author : Barry J. Eichengreen,Marc Flandreau
Publisher : Psychology Press
Page : 354 pages
File Size : 42,7 Mb
Release : 1997
Category : Business & Economics
ISBN : 0415150604
Since the first edition, published in 1985, much new research has been completed. This updated version includes five new essays, including a new introduction by Eichengreen and a discussion of the gold standard and the EU monetary debate.
Author : Giulio M. Gallarotti
Publisher : Oxford University Press
Page : 360 pages
File Size : 51,5 Mb
Release : 1995-03-16
Category : Business & Economics
ISBN : 9780195358230
Widely considered the crowning achievement in the history of international monetary relations, the classical gold standard (1880-1914) has long been treated like a holy relic. Its veneration, however, has done more to obscure than to reveal the actual nature of the era's monetary system. In The Anatomy of an International Monetary Regime, Giulio M. Gallarotti addresses the nature of the classical gold standard in its international context, offering the first comprehensive and systematic treatment of the subject. Three fundamental questions are essential to the discussion: How did the regime originate? How did it work? Why did it persist? Gallarotti uses an interdisciplinary approach that draws upon politics, economics, and ideology to explain the answers. He challenges traditional assumptions about the period, arguing that cooperation among nations or central banks was not a principal factor in either the origin or stability of the system, and that neither the British state nor the Bank of England were the leaders or managers of the gold standard. Rather, a decentralized process involving the status of gold, industrialization and economic development, the politics of gold, and liberal economic ideology provided converging incentives for starting and maintaining the system. Gallarotti's study presents the most comprehensive and interdisciplinary examination available of the nature of monetary relations in the four decades before World War I. His important, revisionist view will alter the way we think about a crucial period in the growth of the international monetary system. It will be essential reading for scholars and students of economic history and policy.
Author : Mr.Johannes Wiegand
Publisher : International Monetary Fund
Page : 28 pages
File Size : 54,9 Mb
Release : 2019-02-15
Category : Business & Economics
ISBN : 9781484394724
In 1871-73, newly unified Germany adopted the gold standard, replacing the silver-based currencies that had been prevalent in most German states until then. The reform sparked a series of steps in other countries that ultimately ended global bimetallism, i.e., a near-universal fixed exchange rate system in which (mostly) France stabilized the exchange value between gold and silver currencies. As a result, silver currencies depreciated sharply, and severe deflation ensued in the gold block. Why did Germany switch to gold and set the train of destructive events in motion? Both a review of the contemporaneous debate and statistical evidence suggest that it acted preemptively: the Australian and Californian gold discoveries of around 1850 had greatly increased the global supply of gold. By the mid-1860s, gold threatened to crowd out silver money in France, which would have severed the link between gold and silver currencies. Without reform, Germany would thus have risked exclusion from the fixed exchange rate system that tied together the major industrial economies. Reform required French accommodation, however. Victory in the Franco-Prussian war of 1870/71 allowed Germany to force accommodation, but only until France settled the war indemnity and regained sovereignty in late 1873. In this situation, switching to gold was superior to adopting bimetallism, as it prevented France from derailing Germany’s reform ex-post.
Author : Barry Eichengreen
Publisher : Oxford University Press
Page : 480 pages
File Size : 42,7 Mb
Release : 1992-05-07
Category : Business & Economics
ISBN : 9780199879137
This book offers a reassessment of the international monetary problems that led to the global economic crisis of the 1930s. It explores the connections between the gold standard--the framework regulating international monetary affairs until 1931--and the Great Depression that broke out in 1929. Eichengreen shows how economic policies, in conjunction with the imbalances created by World War I, gave rise to the global crisis of the 1930s. He demonstrates that the gold standard fundamentally constrained the economic policies that were pursued and that it was largely responsible for creating the unstable economic environment on which those policies acted. The book also provides a valuable perspective on the economic policies of the post-World War II period and their consequences.
Author : Marc Flandreau,Professor of Economics Marc Flandreau
Publisher : Oxford University Press on Demand
Page : 344 pages
File Size : 54,9 Mb
Release : 2004-03-04
Category : Business & Economics
ISBN : 9780199257867
This book studies the so far unexplored operation of the international monetary system that prevailed before the emergence of the international gold standard in 1873. Conventional wisdom has it that the emergence of gold as a global anchor was both an inescapable and desirable evolution, given the exchange rate stability it provided and Britain's economic predominance.This study draws on a wealth of archival sources and abundant new statistical evidence (fully detailed in the appendix) to demonstrate that global exchange rate stability always prevailed before the making of the gold standard. This was despite the heterogeneity among national monetary regimes, based on gold, silver, or both.The reason for the stability before the establishment of the gold standard is France's bimetallic system. France, by being in a position to trade gold for silver, and vice versa, effectively pegged the exchange rate between gold and silver at its legal ratio of 15.5. Part I of the book studies exactly how this mechanism worked. Part II focuses on the respective behaviour of private concerns and arbitrageurs on the one hand, and authorities such as the Bank of France on the other hand, in orderto underline the constraints and opportunities that were associated with bimetallism as an international regime. Finally, Part III provides a new view on the collapse of bimetallism and its replacement by a gold standard. It is argued that bimetallism might well have survived, and that the emergenceof the gold standard was by no means inescapable. Rather, it resulted from a massive coordination failure at both national and international levels - a failure that was a preview of the interwar collapse of the gold standard.
Author : Edwin Walter Kemmerer
Publisher : Ludwig von Mises Institute
Page : 246 pages
File Size : 52,9 Mb
Release : 1944
Category : Gold
ISBN : 9781610164429
"Selected bibliography" at end of each chapter.
Author : Llewellyn H. Rockwell Jr.
Publisher : Ludwig von Mises Institute
Page : 221 pages
File Size : 42,5 Mb
Release : 2014-04-09
Category : Business & Economics
ISBN : 9781610166119
This anthology contains seminal essays on the ideal monetary system. From Sennholz's discussion of Mengerian monetary theory to Ron Paul's espousal of a political agenda that champions a gold standard, readers will find that this book serves a dual role--It is both an introduction to Austrian monetary theory and a guide to important events in monetary history. Be sure to add this edition featuring essays by some of today's foremost Austrian thinkers to your collection!
Author : Mr.Johannes Wiegand
Publisher : Unknown
Page : 128 pages
File Size : 40,6 Mb
Release : 2019
Category : Electronic
ISBN : 149830124X
Author : Maria Cristina Marcuzzo,Annalisa Rosselli
Publisher : Unknown
Page : 206 pages
File Size : 46,8 Mb
Release : 1991
Category : Currency question
ISBN : UCSC:32106009507689
This text combines historical investigation and analysis to present the Ricardian approach to the international monetary system and the Gold Standard. The authors assess these arguments in the light of modern experience.
Author : Marcello De Cecco
Publisher : Burns & Oates
Page : 272 pages
File Size : 53,9 Mb
Release : 1984
Category : Business & Economics
ISBN : STANFORD:36105039643965
Author : Eugene A. Birnbaum
Publisher : Princeton, N.J. : International Finance Section, Princeton University
Page : 64 pages
File Size : 45,7 Mb
Release : 1968
Category : Business & Economics
ISBN : IND:30000113865897
Author : Kenneth Mouré
Publisher : OUP Oxford
Page : 312 pages
File Size : 43,9 Mb
Release : 2002-05-02
Category : Business & Economics
ISBN : 9780191554575
Economic historians have established a new orthodoxy attributing the onset and severity of the Great Depression to the flawed workings of the international gold standard. This interpretation returns French gold policy to centre stage in understanding the origins of the Depression, its rapid spread, its severity and its duration. The Gold Standard Illusion exploits new archival resources to test how well this gold standard interpretation of the Great Depression is sustained by historical records in France, the country most often criticized for hoarding gold and failure to play by the rules of the gold standard game. The study follows four lines of inquiry, providing a history of French gold policy in its national and international contexts from 1914 to 1939, an analysis of the evolution of the Bank of France during this period and the degree to which gold standard belief retarded the adoption of modern central banking practice, a re-examination of interwar central bank cooperation in the period and its role in the breakdown of the gold standard, and a study of how gold standard rhetoric fostered misperceptions of financial and monetary problems. The French case was exceptional, marked by absolute and tenacious faith in the gold standard, by the import and accumulation of a vast hoard of gold desperately needed as reserves to prevent monetary contraction abroad, and by adamant claims for the need to return to gold after most countries had left the gold standard, which had become, in the words of John Maynard Keynes, 'a curse laid upon the economic life of the world'. The Gold Standard Illusion explains French gold standard belief and policy, the impact of French policy at home and abroad, and reassesses the gold standard interpretation of the Great Depression in the light of French experience.
Author : André Astrow,Chatham House Gold Taskforce
Publisher : Chatham House Report
Page : 0 pages
File Size : 47,9 Mb
Release : 2012
Category : Business & Economics
ISBN : 1862032602
"To assess what contribution, if any, gold could make to the current international monetary system in the wake of the global financial crisis, Chatham House set up a global Taskforce of experts in 2011. The Taskforce explored the advantages and disadvantages of reintroducing gold in the system and identified a number of possible scenarios for reform. For gold to play a more formal role in the international monetary system, it would be imperative that it neither hinders the system's performance nor creates unacceptable constraints on national economic policies; Although the discipline a gold standard imposes on monetary policy may have been helpful in limiting the reckless banking and excessive debt accumulation of the past decade, the rigidity of a fixed price for gold would likely have been a serious handicap with the onset of the financial crisis when a much more flexible monetary response was required; There is no clear-cut role for gold as a policy indicator. The historical behaviour of the gold price does not provide a particularly good indicator for either monetary or fiscal policy. In fact, since the financial crisis, the rise in the gold price has indicated the need for tighter policies which, if implemented, could have been deeply damaging; Gold can serve as a hedge against declining values of key fiat currencies, and can also be useful for central banks, but its role as a hedge is not cost free. Indeed, a major downside of holding gold is that its price can be extremely volatile. Also, it generates no yield, other than capital gains which are only realised when it is sold. Gold, therefore, can form part of a portfolio of assets that spreads valuation risk, but on the other hand, it is not very effective as a sole reserve asset."--Publisher description.