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Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions

  • Bayoumi, Tamim
  • Bordo, Michael D

We compare the resumption of convertibility into gold by the United States in 1879 and the United Kingdom in 1925 to ascertain the degree to which the outcomes reflect differences in strategies adopted by the authorities or in the external environment. It is concluded that external factors were the most important determinant of the very different outcomes of the two episodes.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1390.

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Date of creation: Apr 1996
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Handle: RePEc:cpr:ceprdp:1390
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  2. Bayoumi, Tamim & Eichengreen, Barry, 1994. "The Stability of the Gold Standard and the Evolution of the International Monetary System," Center for International and Development Economics Research (CIDER) Working Papers 233389, University of California-Berkeley, Department of Economics.
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