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Scylla and Charybdis. Explaining Europe's exit from gold, January 1928-December 1936

  • Wolf, Nikolaus

The paper examines the timing of exit from the interwar gold-exchange standard for a panel of European countries, based on monthly data over the period January 1928-December 1936. I show that exit from gold can be understood in terms of a trade-off between a limited set of factors commonly suggested in the theoretical literature on currency crises. A simple and parsimonious econometric framework that nests various hypotheses allows me to predict the month of exit in the 1930s, except for France. I consider the separate cases of France and Poland to show my results shed light on country-specific debates.

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Article provided by Elsevier in its journal Explorations in Economic History.

Volume (Year): 45 (2008)
Issue (Month): 4 (September)
Pages: 383-401

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Handle: RePEc:eee:exehis:v:45:y:2008:i:4:p:383-401
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622830

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