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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
Contact details of provider: Web page: http://econwpa.repec.org

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  8. Ben S. Bernanke, 1986. "Alternative Explanations of the Money-Income Correlation," NBER Working Papers 1842, National Bureau of Economic Research, Inc.
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  11. Robert L. Hetzel, 2002. "German monetary history in the first half of the twentieth century," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 1-35.
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  13. Leland Crabbe, 1989. "The international gold standard and U.S. monetary policy from World War I to the New Deal," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jun, pages 423-440.
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  15. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
  16. Michael Bordo, 1993. "The Gold Standard, Bretton Woods and other Monetary Regimes: An Historical Appraisal," NBER Working Papers 4310, National Bureau of Economic Research, Inc.
  17. Kwiatkowski, D. & Phillips, P.C.B. & Schmidt, P., 1990. "Testing the Null Hypothesis of Stationarity Against the Alternative of Unit Root : How Sure are we that Economic Time Series have a Unit Root?," Papers 8905, Michigan State - Econometrics and Economic Theory.
  18. Dibooglu, Selahattin, 1998. "The incidence and effects of macroeconomic disturbances under alternative exchange rate systems: evidence since the classical gold standard," International Review of Economics & Finance, Elsevier, vol. 7(2), pages 225-241.
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  21. Barro, Robert J, 1979. "Money and the Price Level under the Gold Standard," Economic Journal, Royal Economic Society, vol. 89(353), pages 13-33, March.
  22. Alogoskoufis, George, 1991. "Monetary Accommodation, Exchange Rate Regimes and Inflation Persistence," CEPR Discussion Papers 503, C.E.P.R. Discussion Papers.
  23. Flandreau, Marc, 1995. "An Essay on the Emergence of the International Gold Standard, 1870-80," CEPR Discussion Papers 1210, C.E.P.R. Discussion Papers.
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