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How the gold standard functioned in Portugal: an analysis of some macroeconomic aspects

  • António Portugal Duarte

    (Faculty of Economics - University of Coimbra & Group for Monetary & Financial Studies - GEMF)

  • João Sousa Andrade

    (Faculty of Economics - University of Coimbra & Group for Monetary & Financial Studies - GEMF)

This paper studies the Gold Standard in Portugal. It was the first country in Europe to join Great Britain in 1854. The principle of free gold convertibility was abandoned in 1891. For the purposes of a macroeconomic study, we also extended the analysis up to 1913. Our study points out the mistake of comparing different systems with the same indicators. Examination of demand, supply and monetary shocks in the context of a VAR model confirm the idea that the principles of classical economics are appropriate for the Gold Standard in Portugal.

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Paper provided by EconWPA in its series Method and Hist of Econ Thought with number 0505002.

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Length: 48 pages
Date of creation: 19 May 2005
Date of revision:
Handle: RePEc:wpa:wuwpmh:0505002
Note: Type of Document - pdf; pages: 48
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