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The Stability of the Gold Standard and the Evolution of the International Monetary System

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  • Bayoumi, Tamim
  • Eichengreen, Barry

Abstract

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.

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File URL: http://www.cepr.org/pubs/dps/DP1248.asp
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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1248.

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Date of creation: Oct 1995
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Handle: RePEc:cpr:ceprdp:1248

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Keywords: Gold Standard; International Monetary System;

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Cited by:
  1. Bayoumi, Tamim & Bordo, Michael D, 1996. "Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions," CEPR Discussion Papers 1390, C.E.P.R. Discussion Papers.
  2. Colin McKenzie, 2006. "Australia's Deflation in the 1890s," Discussion papers 06017, Research Institute of Economy, Trade and Industry (RIETI).
  3. Michael D. Bordo & Barry Eichengreen, 1998. "The Rise and Fall of a Barbarous Relic: The Role of Gold in the International Monetary SYstem," NBER Working Papers 6436, National Bureau of Economic Research, Inc.
  4. Luis A. V. Cat´┐Żo & Solomos N. Solomou, 2005. "Effective Exchange Rates and the Classical Gold Standard Adjustment," American Economic Review, American Economic Association, vol. 95(4), pages 1259-1275, September.

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