An "Art", not a "Science"? Central Bank Management in Portugal under the Gold Standard, 1854-1891
As long as Portugal was on the gold standard, the Bank of Portugal, sought to stabilize the currency at the exchange rate to which the country was committed. Because it was subject to political and other constraints, the Bank carried out discount rate interventions excessively sparingly, although in accordance with what could be termed the contemporary ‘science’ of central banking. Consequently, it had to intervene constantly in the currency markets, usually in covert fashion, repeatedly infringing the gold standard’s ‘rules of the game’, in order to conciliate the needs of convertibility with a frequently unorthodox stance towards the gold standard.
|Date of creation:||2002|
|Contact details of provider:|| Postal: R. do Ouro, 27, 1100 LISBOA|
Phone: 21 321 32 00
Fax: 21 346 48 43
Web page: https://www.bportugal.pt
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Lars Jonung, 1984. "Swedish Experience under the Classical Gold Standard, 1873-1914," NBER Chapters,in: A Retrospective on the Classical Gold Standard, 1821-1931, pages 361-404 National Bureau of Economic Research, Inc.
- Michael D. Bordo & Anna J. Schwartz, 1984. "A Retrospective on the Classical Gold Standard, 1821-1931," NBER Books, National Bureau of Economic Research, Inc, number bord84-1.
When requesting a correction, please mention this item's handle: RePEc:ptu:wpaper:w200206. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (DEE-NTDD)
If references are entirely missing, you can add them using this form.