Modern Perspectives on the Gold Standard

Modern Perspectives on the Gold Standard

by Tamim Bayoumi, Barry Eichengreen, Mark P. Taylor
     
 

Exchange rate instability and crises are a fact of economic life in today's world of open international capital markets. Yet this was not always the case: for more than a third of a century prior to 1914, the gold standard reconciled open financial markets with stable exchange rates between the currencies of the major industrial countries. This book explores how that… See more details below

Overview

Exchange rate instability and crises are a fact of economic life in today's world of open international capital markets. Yet this was not always the case: for more than a third of a century prior to 1914, the gold standard reconciled open financial markets with stable exchange rates between the currencies of the major industrial countries. This book explores how that system worked. The result is an overview of the classical gold standard, a survey of the relevant applied research in international macroeconomics, and a demonstration of how the past can help to inform the present.

Product Details

ISBN-13:
9780521063517
Publisher:
Cambridge University Press
Publication date:
05/29/2008
Pages:
416
Sales rank:
1,046,391
Product dimensions:
5.90(w) x 9.00(h) x 1.10(d)

Table of Contents

List of figures
List of tables
Notes on the contributors
1Modern perspectives on the gold standard: introduction3
2Unit roots, shocks and VARs and their place in history: an introductory guide17
3The gold standard as a commitment mechanism55
4Market efficiency and regime efficiency under the 1925-1931 dollar/sterling gold standard101
5Credibility and fundamentals: were the Classical and interwar gold standards well-behaved target zones?129
6The stability of the gold standard and the evolution of the international monetary fund system165
7International adjustments under the Classical gold standard: evidence for the United States and Britain, 1879-1914189
8Balance of payments adjustment under the gold standard policies: Canada and Australia compared218
9Money demand and supply under the gold standard: the United Kingdom, 1870-1914261
10Stability and forward-looking behavior: the demand for broad money in the United Kingdom, 1871-1913284
11The dollar/pound real exchange rate and fiscal policy during the gold standard period309
12Exchange rate dynamics and monetary reforms: theory and evidence from Britain's return to gold341
13Deja vu all over again: lessons from the gold standard for European monetary unification365
Index388

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