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How the gold standard functioned in Portugal: an analysis of some macroeconomic aspects Author info | Abstract | Publisher info | Download info | Related research | Statistics António Portugal Duarte (Faculty of Economics - University of Coimbra & Group for Monetary & Financial Studies - GEMF)
João Sousa Andrade (Faculty of Economics - University of Coimbra & Group for Monetary & Financial Studies - GEMF)
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This paper studies the Gold Standard in Portugal. It was the first country in Europe to join Great Britain in 1854. The principle of free gold convertibility was abandoned in 1891. For the purposes of a macroeconomic study, we also extended the analysis up to 1913. Our study points out the mistake of comparing different systems with the same indicators. Examination of demand, supply and monetary shocks in the context of a VAR model confirm the idea that the principles of classical economics are appropriate for the Gold Standard in Portugal.
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Paper provided by EconWPA in its series Method and Hist of Econ Thought with number
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Length: 48 pages
Date of creation: 19 May 2005Date of revision:
Handle: RePEc:wpa:wuwpmh:0505002Note: Type of Document - pdf; pages: 48Contact details of provider: Web page: http://129.3.20.41
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Keywords: Gold Standard ; Macroeconomic Stability ; Convertibility ; Portugal ; VAR and Unit Roots ; Other versions of this item:
Find related papers by JEL classification: B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions 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 F31 - International Economics - - International Finance - - - Foreign Exchange F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
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