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International Reserves Crises, Monetary Integration and the Payments System during the International Gold Standard

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Author Info
Paula Hernandez-Verme () (School of Economics, Universidad de Guanajuato)

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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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Publisher Info
Paper provided by Universidad de Guanajuato in its series School of Economics Working Papers with number EC200904.

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Length: 31 pages
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Handle: RePEc:gua:wpaper:ec200904

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Related research
Keywords: International Gold Standard; International payments systems; International reserve crises; Monetary integration;

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Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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  1. David A. Martin, 1968. "Bimetallism in the United States before 1850," Journal of Political Economy, University of Chicago Press, vol. 76, pages 428. [Downloadable!] (restricted)
  2. 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. [Downloadable!]
  3. Thomas J. Sargent & Neil Wallace, 1983. "A model of commodity money," Staff Report 85, Federal Reserve Bank of Minneapolis. [Downloadable!]
    Other versions:
  4. Freeman, Scott, 1996. "Clearinghouse banks and banknote over-issue," Journal of Monetary Economics, Elsevier, vol. 38(1), pages 101-115, August. [Downloadable!] (restricted)
    Other versions:
  5. Edward J. Green, 1999. "Money and debt in the structure of payments," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 13-29. [Downloadable!]
    Other versions:
  6. 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. [Downloadable!] (restricted)
  7. Freeman, Scott, 1999. "Rediscounting under aggregate risk," Journal of Monetary Economics, Elsevier, vol. 43(1), pages 197-216, February. [Downloadable!] (restricted)
  8. 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. [Downloadable!] (restricted)
  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. [Downloadable!] (restricted)
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This page was last updated on 2009-11-28.

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