Twentieth Century Monetary Regimes in Canadian Perspective
AbstractThree monetary regimes - the gold standard, a regime of 'socialism in many countries' and the post-Bretton Woods regime - and difficult transitions between them have shaped the economic history of the twentieth century. The regimes consisted of coherent sets of government policies and equally importantly, the publics expectations about policy and each made different decisions about which of the trilemma of policy goals - fixed exchange rates, domestic policy independence and integrated capital markets - to subordinate. Canada, as a small, open economy dependent on access to international capital markets, provides a revealing window on the monetary regimes and the transitions between regimes. The gold standard supported relatively smooth integration of the expanding Canadian economy into the pre First World War international economy, but proved disastrous in the changed environment that led to the Great Depression. Although Canada was unique with its floating exchange rate it experienced the success of the post war Bretton Woods era. The collapse of the regime under the stress of internationally integrated capital markets set off an inflationary transition that again demonstrated the difficulties of regime transition. A new stable regime required two decades of learning about the new economic environment by both government and the public.
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 University of Western Ontario, Department of Economics in its series UWO Department of Economics Working Papers with number 20018.
Date of creation: Oct 2001
Date of revision:
Contact details of provider:
Postal: Department of Economics, Reference Centre, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2
Phone: 519-661-2111 Ext.85244
Web page: http://economics.uwo.ca/research/research_papers/department_working_papers.html
This paper has been announced in the following NEP Reports:
You can help add them by filling out this form.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If references are entirely missing, you can add them using this form.