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International Reserves Crises, Monetary Integration and the Payments System during the International Gold Standard

  • Paula Hernandez-Verme


    (Department of Economics and Finance, Universidad de Guanajuato)

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    I model an international payments system with a financial center and periphery to reproduce various aspects of the International Gold Standard. This period was characterized by frequent crises associated with scarce stocks of reserves, high short-term interest rates with subsequent gold inflows and transmission of output contractions across countries. I find that a common international currency and no legal restrictions on exchange help the periphery share reserves with the financial center, improving the world’s welfare and mitigating output losses due to reserve crises. Also, the center has incentives for restrictive rediscounting while the periphery has motives for developing central banking.

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    Paper provided by Universidad de Guanajuato, Department of Economics and Finance in its series Department of Economics and Finance Working Papers with number EC200904.

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    Length: 31 pages
    Date of creation: Jul 2009
    Date of revision:
    Handle: RePEc:gua:wpaper:ec200904
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