The current practice of central banks lending gold to gold producers allows the gold leasing rate to be derived from published data. Gold leasing rates, a potential measure of real world interest rates, are calculated and compared with real interest rates derived from U.K. index-linked gilts. The authors then test for Granger causality between changes in the gap between U.K. and world interest rates and changes in the SDR/Sterling exchange rate. They find evidence of Granger causality in both directions, which is consistent with economic theory. Copyright 1994 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Volume (Year): 62 (1994) Issue (Month): 0 (Suppl.) Pages: 93-103 Download reference. The following formats are available: HTML
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Handle: RePEc:bla:manch2:v:62:y:1994:i:0:p:93-103
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