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The Secret of the Gold Standard’s Durability and Success

In: European Monetary Union

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  • M. Panić

    (Selwyn College)

Abstract

The analysis in the previous chapter was deliberately confined to the current account and short-term capital flows in accordance with traditional, static models of the adjustment and financing processes under fixed exchange rate systems in general and the classical gold standard in particular. It showed conclusively that the standard never operated in the way described by the classical/neoclassical models. The synchronisation of short-term movements in national prices and interest rates was such that the ‘mechanisms’ analysed in the last chapter could not have produced either lasting adjustments or long-term financing of the kind attributed to them by the conventional wisdom. It is necessary, therefore, to look for other explanations why this, the most exacting of all quasi international monetary unions, managed to survive for so long.

Suggested Citation

  • M. Panić, 1992. "The Secret of the Gold Standard’s Durability and Success," Palgrave Macmillan Books, in: European Monetary Union, chapter 3, pages 81-117, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-13452-6_4
    DOI: 10.1007/978-1-349-13452-6_4
    as

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