Effective exchange rates 1879 1913
This paper constructs nominal and real multilateral effective exchange rates for Britain, France, Germany and the US during the period of the classical Gold Standard, 1879- 1913. The new data indicate that the major industrial countries saw trend variations in their nominal effective rates, which appear to have been stochastic in nature, and to have reflected a significant amount of trade with non-gold countries. The behaviour of nominal effective rates suggests the existence of common trend patterns across the industrial countries, reflecting similar trading structures in the pre-1914 period. In contrast, the movements of the real effective rates reflect national-specific influences.
(This abstract was borrowed from another version of this item.)
Volume (Year): 4 (2000)
Issue (Month): 03 (December)
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