The Black Swan of the Golden Periphery: The Ottoman Empire during the Classical Gold Standard Era
AbstractThis study analyses the functioning of the “gold standard” in the Ottoman Empire during the pre-1914 gold standard era, with specific emphasis on the institutions regulating commodity money and fiat money. It explores the extent to which the Ottoman monetary system was an outlier with reference to the experiences of other peripheral countries. One of the findings reveals considerably limited circulation of notes in the Ottoman Empire even after adherence to the gold standard in 1880. By highlighting the anomalies of the Ottoman case, this paper concludes that the transition from commodity money to fiat money did not take place at the same rate across peripheries during the pre-1914 gold standard era. These differences may be explained by the relative autonomy of the central banks of issue from governments, and in turn may have implied changing degrees of monetary sovereignty and fiscal capacity across the members of the golden periphery.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Department of Economic and Social History at the University of Cambridge in its series Working Papers with number 14.
Length: 9800 words
Date of creation: 16 Mar 2013
Date of revision:
gold standard; monetary sovereignty; Ottoman Empire; fiat money;
Find related papers by JEL classification:
- N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
- N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
- N43 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: Pre-1913
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-03-30 (All new papers)
- NEP-ARA-2013-03-30 (MENA - Middle East & North Africa)
- NEP-CWA-2013-03-30 (Central & Western Asia)
- NEP-HIS-2013-03-30 (Business, Economic & Financial History)
- NEP-MON-2013-03-30 (Monetary Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Hugh Rockoff & Michael D. Bordo, 1996.
"The Gold Standard as a "Good Housekeeping Seal of Approval","
Departmental Working Papers
199528, Rutgers University, Department of Economics.
- Bordo, Michael D. & Rockoff, Hugh, 1996. "The Gold Standard as a “Good Housekeeping Seal of Approval”," The Journal of Economic History, Cambridge University Press, vol. 56(02), pages 389-428, June.
- Michael D. Bordo, 1996. "The Gold Standard as a `Good Housekeeping Seal of Approval'," NBER Working Papers 5340, National Bureau of Economic Research, Inc.
- Barry Eichengreen and Marc Flandreau., 1994.
"The Geography of the Gold Standard,"
Center for International and Development Economics Research (CIDER) Working Papers
C94-042, University of California at Berkeley.
- Michael Bordo & Angela Redish, 1994.
"Maximizing Seignorage Revenue During Temporary Suspensions of Convertibility: A Note,"
NBER Working Papers
4024, National Bureau of Economic Research, Inc.
- Bordo, Michael D & Redish, Angela, 1993. "Maximizing Seignorage Revenue during Temporary Suspensions of Convertibility: A Note," Oxford Economic Papers, Oxford University Press, vol. 45(1), pages 157-68, January.
- Olivier Blanchard, 2004. "Fiscal Dominance and Inflation Targeting: Lessons from Brazil," NBER Working Papers 10389, National Bureau of Economic Research, Inc.
- Michael D. Bordo & Lars Jonung, 1999. "The Future of EMU: What Does the History of Monetary Unions Tell Us?," NBER Working Papers 7365, National Bureau of Economic Research, Inc.
- Click, Reid W, 1998. "Seigniorage in a Cross-Section of Countries," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(2), pages 154-71, May.
- Luis CatÃ£o & Solomos Solomou, 2003. "Exchange Rates in the Periphery and International Adjustment Under the Gold Standard," IMF Working Papers 03/41, International Monetary Fund.
- Redish,Angela, 2000.
Cambridge University Press, number 9780521570916, October.
- Adrian E. Tschoegl, 2001. "Maria Theresa's Thaler: A Case of International Money," Eastern Economic Journal, Eastern Economic Association, vol. 27(4), pages 443-462, Fall.
- N. Gregory Mankiw, 1988.
"The Optimal Collection of Seigniorage: Theory and Evidence,"
NBER Working Papers
2270, National Bureau of Economic Research, Inc.
- Mankiw, N. Gregory, 1987. "The optimal collection of seigniorage : Theory and evidence," Journal of Monetary Economics, Elsevier, vol. 20(2), pages 327-341, September.
- Fratianni, Michele & Spinelli, Franco, 2001. "Fiscal Dominance and Money Growth in Italy: The Long Record," Explorations in Economic History, Elsevier, vol. 38(2), pages 252-272, April.
- Bordo Michael D. & Kydland Finn E., 1995. "The Gold Standard As a Rule: An Essay in Exploration," Explorations in Economic History, Elsevier, vol. 32(4), pages 423-464, October.
- Einaudi, Luca, 2001. "Money and Politics: European Monetary Unification and the International Gold Standard (1865-1873)," OUP Catalogue, Oxford University Press, number 9780199243662.
- Fischer, Stanley, 1982. "Seigniorage and the Case for a National Money," Journal of Political Economy, University of Chicago Press, vol. 90(2), pages 295-313, April.
- Kuroda, Akinobu, 2007. "The Maria Theresa dollar in the early twentieth-century Red Sea region: a complementary interface between multiple markets," Financial History Review, Cambridge University Press, vol. 14(01), pages 89-110, April.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Amy Price).
If references are entirely missing, you can add them using this form.