The Stability of the Gold Standard and the Evolution of the International Monetary System
AbstractThis 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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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 95/89.
Date of creation: 01 Sep 1995
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Other versions of this item:
- Tamim Bayoumi and Barry Eichengreen., 1994. "The Stability of the Gold Standard and the Evolution of the International Monetary System," Center for International and Development Economics Research (CIDER) Working Papers, University of California at Berkeley C94-040, University of California at Berkeley.
- Bayoumi, Tamim & Eichengreen, Barry, 1995. "The Stability of the Gold Standard and the Evolution of the International Monetary System," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1248, C.E.P.R. Discussion Papers.
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
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- Bayoumi, Tamim & Bordo, Michael D, 1996.
"Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions,"
CEPR Discussion Papers, C.E.P.R. Discussion Papers
1390, C.E.P.R. Discussion Papers.
- Bayoumi, Tamim & Bordo, Michael D, 1998. "Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions," Oxford Economic Papers, Oxford University Press, vol. 50(1), pages 122-49, January.
- Michael D. Bordo & Tamim Bayoumi, 1996. "Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions," NBER Working Papers 5497, National Bureau of Economic Research, Inc.
- Colin McKenzie, 2006. "Australia's Deflation in the 1890s," Discussion papers, Research Institute of Economy, Trade and Industry (RIETI) 06017, Research Institute of Economy, Trade and Industry (RIETI).
- Luis A. V. Cat�o & Solomos N. Solomou, 2005. "Effective Exchange Rates and the Classical Gold Standard Adjustment," American Economic Review, American Economic Association, American Economic Association, vol. 95(4), pages 1259-1275, September.
- 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.
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