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The Emergence Of The International Gold Standard.

The Emergence Of The International Gold Standard.

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  • ISBN:9780199257867
  • Editorial: Oxford University Press
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  • Dimensiones: 0 cm x 0 cm
  • Nº Pág.:250
  • Idiomas:Ingles,Inglés

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This work studies the operation of the international monetary system that prevailed before the emergence of the international gold standard in 1873. Conventional wisdom has it that the emergence of gold as a global anchor was both an inescapable and desirable evolution, given the exchange rate stability it provided and Britain's economic predominance. This study draws on a wealth of archival sources and statistical evidence (fully detailed in the appendix) to demonstrate that global exchange rate stability always prevailed before the making of the gold standard. This was despite the heterogeneity among national monetary regimes, based on gold, silver or both. The reason for the stability before the establishment of the gold standard is France's bimetallic system. France, by being in a position to trade gold for silver, and vice versa, effectively pegged the exchange rate between gold and silver at its legal ratio of 15.5. Part I of the book studies exactly how this mechanism worked.

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