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How the gold standard functioned in Portugal: an analysis of some macroeconomic aspects

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Author Info

  • 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)

Abstract

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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File URL: http://128.118.178.162/eps/mhet/papers/0505/0505002.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Method and Hist of Econ Thought with number 0505002.

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Length: 48 pages
Date of creation: 19 May 2005
Date of revision:
Handle: RePEc:wpa:wuwpmh:0505002

Note: Type of Document - pdf; pages: 48
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Web page: http://128.118.178.162

Related research

Keywords: Gold Standard; Macroeconomic Stability; Convertibility; Portugal; VAR and Unit Roots;

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References

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Citations

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Cited by:
  1. João Sousa Andrade & Adelaide Duarte, 2011. "The Fundamentals of the Portuguese Crisis," GEMF Working Papers 2011-16, GEMF - Faculdade de Economia, Universidade de Coimbra.
  2. Harris Dellas & Goerge Tavlas, 2012. "The road to Ithaca: the Gold Standard, the Euro and the origins of the Greek sovereign debt crisis," Working Papers 149, Bank of Greece.
  3. Ana Filipa Dias & António Portugal Duarte, 2012. "Euro Integration Reserve Currency?," Book Chapters, Institute of Economic Sciences.
  4. Pedro Bação & António Portugal Durate & Mariana Simões, 2013. "The International Monetary System in Flux: Overview and Prospects," GEMF Working Papers 2013-07, GEMF - Faculdade de Economia, Universidade de Coimbra.

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