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Os mecanismos de funcionamento do “Padrão Ouro”: uma visão crítica

Author

Listed:
  • Cláudio Gontijo

    (FACE/UFMG)

Abstract

This article analyses the working of the gold standard, pointing out the inconsistencies of the traditional view, based on Hume’s specie flow-price mechanism, which ignores Adam Smith’s “law of reflux”, and the properties of a commodity-money regime. Avoiding the aprioristic and excessively stylized character of the majority of analyses, it discusses the adjustment mechanisms based on real economic history, which makes the issue more understandable as well as more concrete and less disconnected from reality, which is difficult to explain from an orthodox perspective, as recognized by many authors.

Suggested Citation

  • Cláudio Gontijo, 2011. "Os mecanismos de funcionamento do “Padrão Ouro”: uma visão crítica," Textos para Discussão Cedeplar-UFMG td435, Cedeplar, Universidade Federal de Minas Gerais.
    • Handle: RePEc:cdp:texdis:td435
    as

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    File URL: https://www.cedeplar.ufmg.br/pesquisas/td/TD%20435.pdf
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    More about this item

    Keywords

    gold standard; Hume’s specie flow-price mechanism; balance of payment adjustment;
    All these keywords.

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations

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