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International Reserves Crises, Monetary Integration, And The Payments System During The International Gold Standard

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  • HERN NDEZ-VERME, PAULA

Abstract

I model an international payments system with a financial center and periphery to reproduce various aspects of the International Gold Standard. This period was characterized by frequent crises associated with scarce stocks of reserves, high short-term interest rates with subsequent gold inflows, and transmission of output contractions across countries. I find that a common international currency and no legal restrictions on exchange help the periphery share reserves with the financial center, improving the world s welfare and mitigating output losses due to reserve crises. Also, the center has incentives for restrictive rediscounting while the periphery has motives for developing central banking.

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Bibliographic Info

Article provided by Cambridge University Press in its journal Macroeconomic Dynamics.

Volume (Year): 9 (2005)
Issue (Month): 04 (September)
Pages: 516-541

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Handle: RePEc:cup:macdyn:v:9:y:2005:i:04:p:516-541_04

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  1. Green, Edward-J, 1997. "Money and Debt in the Structure of Payments," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 15(1), pages 63-87, May.
  2. David A. Martin, 1968. "Bimetallism in the United States before 1850," Journal of Political Economy, University of Chicago Press, vol. 76, pages 428.
  3. Michael D. Bordo, 1984. "The Gold Standard: The Traditional Approach," NBER Chapters, in: A Retrospective on the Classical Gold Standard, 1821-1931, pages 23-120 National Bureau of Economic Research, Inc.
  4. Huffman, Wallace E. & Lothian, J. R., 1984. "The Gold Standard and the Transmission of Business Cycles, 1833-1932," Staff General Research Papers 11001, Iowa State University, Department of Economics.
  5. Freeman, Scott, 1996. "Clearinghouse banks and banknote over-issue," Journal of Monetary Economics, Elsevier, vol. 38(1), pages 101-115, August.
  6. Sargent, Thomas J. & Wallace, Meil, 1983. "A model of commodity money," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 163-187.
  7. Fujiki, Hiroshi, 2003. "A model of the Federal Reserve Act under the international gold standard system," Journal of Monetary Economics, Elsevier, vol. 50(6), pages 1333-1350, September.
  8. Michael D. Bordo & Anna J. Schwartz, 1984. "A Retrospective on the Classical Gold Standard, 1821-1931," NBER Books, National Bureau of Economic Research, Inc, number bord84-1, October.
  9. Scott Freeman, 2002. "Payments and Output," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(3), pages 602-617, July.
  10. Martin, David A., 1973. "1853: The End of Bimetallism in the United States," The Journal of Economic History, Cambridge University Press, vol. 33(04), pages 825-844, December.
  11. Freeman, Scott, 1999. "Rediscounting under aggregate risk," Journal of Monetary Economics, Elsevier, vol. 43(1), pages 197-216, February.
  12. Kareken, John & Wallace, Neil, 1981. "On the Indeterminacy of Equilibrium Exchange Rates," The Quarterly Journal of Economics, MIT Press, vol. 96(2), pages 207-22, May.
  13. Timberlake, Richard H., 1961. "The Specie Standard and Central Banking in the United States Before 1860," The Journal of Economic History, Cambridge University Press, vol. 21(03), pages 318-341, September.
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