Modern Perspectives on the Gold Standard

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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.
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Editorial Reviews

From the Publisher
"This volume honors its title by delivering two kinds of modern perspectives: recent advances in time-series econometrics, and recent policy concerns." Journal of Economics, Peter H. Lindert, University of California at Davis
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Product Details

  • ISBN-13: 9780521063517
  • Publisher: Cambridge University Press
  • Publication date: 5/29/2008
  • Pages: 416
  • 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
1 Modern perspectives on the gold standard: introduction 3
2 Unit roots, shocks and VARs and their place in history: an introductory guide 17
3 The gold standard as a commitment mechanism 55
4 Market efficiency and regime efficiency under the 1925-1931 dollar/sterling gold standard 101
5 Credibility and fundamentals: were the Classical and interwar gold standards well-behaved target zones? 129
6 The stability of the gold standard and the evolution of the international monetary fund system 165
7 International adjustments under the Classical gold standard: evidence for the United States and Britain, 1879-1914 189
8 Balance of payments adjustment under the gold standard policies: Canada and Australia compared 218
9 Money demand and supply under the gold standard: the United Kingdom, 1870-1914 261
10 Stability and forward-looking behavior: the demand for broad money in the United Kingdom, 1871-1913 284
11 The dollar/pound real exchange rate and fiscal policy during the gold standard period 309
12 Exchange rate dynamics and monetary reforms: theory and evidence from Britain's return to gold 341
13 Deja vu all over again: lessons from the gold standard for European monetary unification 365
Index 388
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