The Gold Standard Since Alec Ford
AbstractThis paper surveys studies of the classical Gold Standard published subsequent to Alec Ford's The Gold Standard 1880-1914: Britain and Argentina in 1962. Contributions tend either to emphasize stock equilibrium in money markets or stock-flow interactions in bond markets. The paper then addresses how the Gold Standard worked. A key element of my explanation for the stability of the Gold Standard is the credibility of the official commitment to gold. Knowing that policy-makers would intervene in defence of the Gold Standard, markets responded in the same direction in anticipation of official action. Hence the need for actual intervention was minimized. Credibility derived from the fact that the commitment to the Gold Standard was international: central banks like the Bank of England could rely on foreign assistance in times of exceptional stress. Again, the need for actual assistance was minimized because the commitment to offer it was fully credible.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 347.
Date of creation: Nov 1989
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Other versions of this item:
- Barry Eichengreen, 1989. "The Gold Standard Since Alec Ford," NBER Working Papers 3122, National Bureau of Economic Research, Inc.
- Barry Eichengreen., 1989. "The Gold Standard Since Alec Ford," Economics Working Papers 89-120, University of California at Berkeley.
- Eichengreen, Barry, 1989. "The Gold Standard Since Alec Ford," Department of Economics, Working Paper Series qt91z49066, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
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