The Gold Standard and Center-Periphery Interactions
The Gold Standard was an asymmetrical system, with different rules of the game for the Center and the Periphery. The periphery was for most of the time off the gold standard system, and effectively in an exchange-gold system. This paper will analyze the main effects of this hybrid system on the balance of payments adjustment mechanism of central and peripheral countries. It will be argued that the conventional wisdom that assumed a smooth and symmetrical adjustment of the balance of payments in the center and periphery is incorrect.
|Date of creation:||2003|
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- Barry Eichengreen & Ricardo Hausmann, 1999.
"Exchange rates and financial fragility,"
Proceedings - Economic Policy Symposium - Jackson Hole,
Federal Reserve Bank of Kansas City, pages 329-368.
- Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange Rates and Financial Fragility," NBER Working Papers 7418, National Bureau of Economic Research, Inc.
- Krugman, Paul & Taylor, Lance, 1978. "Contractionary effects of devaluation," Journal of International Economics, Elsevier, vol. 8(3), pages 445-456, August.
- P. Krugman & L. Taylor, 1976. "Contractionary Effects of Devaluations," Working papers 191, Massachusetts Institute of Technology (MIT), Department of Economics.
- Brewer, Anthony, 1985. "Trade with fixed real wages and mobile capital," Journal of International Economics, Elsevier, vol. 18(1-2), pages 177-186, February. Full references (including those not matched with items on IDEAS)
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