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Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions

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  • Bayoumi, Tamim
  • Bordo, Michael D

Abstract

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.

Suggested Citation

  • Bayoumi, Tamim & Bordo, Michael D, 1996. "Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions," CEPR Discussion Papers 1390, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:1390
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    Cited by:

    1. Michael D. Bordo, 2017. "An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime," Economics Working Papers 17108, Hoover Institution, Stanford University.
    2. Bordo, Michael D. & Schwartz, Anna J., 1999. "Monetary policy regimes and economic performance: The historical record," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 3, pages 149-234, Elsevier.
    3. Michael D. Bordo & Mickey D. Levy, 2020. "Do Enlarged Fiscal Deficits Cause Inflation: The Historical Record," NBER Working Papers 28195, National Bureau of Economic Research, Inc.
    4. Paul R. Masson & Malik D. Shukayev, 2019. "Are Bygones Not Bygones? Modeling Price-Level Targeting with an Escape Clause and Lessons from the Gold Standard," World Scientific Book Chapters, in: Macroeconomic Modelling and Monetary and Exchange Rate Regimes, chapter 11, pages 385-417, World Scientific Publishing Co. Pte. Ltd..
    5. António Portugal Duarte & João Sousa Andrade, 2012. "How the Gold Standard functioned in Portugal: an analysis of some macroeconomic aspects," Applied Economics, Taylor & Francis Journals, vol. 44(5), pages 617-629, February.
    6. Barry Eichengreen & Asmaa El-Ganainy & Rui Esteves & Kris James Mitchener, 2019. "Public Debt Through the Ages," NBER Working Papers 25494, National Bureau of Economic Research, Inc.

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    More about this item

    Keywords

    Exchange Rate Pegs; Gold Standard;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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