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The Structural Asymmetry of the International Gold Standard in Hawtrey’s Works


  • Pierre-Hernan Rojas

    () (EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)


Ralph G. Hawtrey was the British Treasury's only economist during the interwar period. He developed a monetary theory of the cycle by which the inherent instability of credit under the gold standard caused fluctuations in output, incomes, and prices. Hawtrey was a monetary specialist who influenced the inner process of policymaking through his capacity as advisor to Blackett, Niemeyer, and Norman. An extensive analysis of his monetary theory in an open economy provides insight into why in the 1920s he advocated the general adoption of the gold exchange standard coupled with cooperation among central banks.

Suggested Citation

  • Pierre-Hernan Rojas, 2019. "The Structural Asymmetry of the International Gold Standard in Hawtrey’s Works," Post-Print hal-02058338, HAL.
  • Handle: RePEc:hal:journl:hal-02058338
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    Cited by:

    1. Pierre-Hernan Rojas, 2016. "Triffin Dilemma and Regional Monetary Approach : An Appraisal," Working Papers hal-01298999, HAL.

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