ISBN-10:
0195089901
ISBN-13:
9780195089905
Pub. Date:
06/01/1997
Publisher:
Oxford University Press, USA
The Anatomy of an International Monetary Regime: The Classical Gold Standard, 1880-1914

The Anatomy of an International Monetary Regime: The Classical Gold Standard, 1880-1914

by Giulio M. Gallarotti
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Overview

Widely considered the crowning achievement in the history of international monetary relations, the classical gold standard (1880-1914) has long been treated like a holy relic. Its veneration, however, has done more to obscure than to reveal the actual nature of the era's monetary system. In The Anatomy of an International Monetary Regime, Giulio M. Gallarotti addresses the nature of the classical gold standard in its international context, offering the first comprehensive and systematic treatment of the subject. Three fundamental questions are essential to the discussion: How did the regime originate? How did it work? Why did it persist? Gallarotti uses an interdisciplinary approach that draws upon politics, economics, and ideology to explain the answers. He challenges traditional assumptions about the period, arguing that cooperation among nations or central banks was not a principal factor in either the origin or stability of the system, and that neither the British state nor the Bank of England were the leaders or managers of the gold standard. Rather, a decentralized process involving the status of gold, industrialization and economic development the politics of gold, and liberal economic ideology provided converging incentives for starting and maintaining the system. Gallarotti's study presents the most comprehensive and interdisciplinary examination available of the nature of monetary relations in the four decades before World War I. His important, revisionist view will alter the way we think about a crucial period in the growth of the international monetary system. It will be essential reading for scholars and students of economic history and policy.

Product Details

ISBN-13: 9780195089905
Publisher: Oxford University Press, USA
Publication date: 06/01/1997
Pages: 368
Product dimensions: 6.32(w) x 9.50(h) x 1.28(d)

Table of Contents

1Introduction3
The Organization of This Book14
2The Classical Gold Standard as an International Monetary Regime16
General Overview of the Gold Standard18
The Component Parts: The Institutional Character of the Gold Standard27
Liquidity and Reserves27
Adjustment34
Exchange Rates42
Capital Controls45
Confidence49
Institutional Synthesis of the Gold Standard54
3Cooperation under the Gold Standard58
Cooperation among National Governments under the Gold Standard60
The Conference of 186762
The Conference of 187866
The Conference of 188172
The Conference of 189276
Central Bank Cooperation under the Gold Standard78
4British Hegemony under the Gold Standard86
The Goals of the British State88
The Principal-Agent Link: The Bank of England as an Agent of British Hegemony93
Great Britain and the International Monetary Conferences of 1867, '78, '81, '9297
5Hegemony and the Bank of England111
Indirect Hegemony: The Bank of England and Central Banking in Great Britain113
Acknowledging Public Responsibility114
Managing the British Monetary System119
Direct Hegemony: The Bank of England as an International Central Bank131
Acknowledging Public Responsibility131
International Reserve Management and Lender of Last Resort133
Managing the International Monetary System135
Managing International Crises139
6The Origin of the Gold Standard141
The Structural Foundations of the Gold Standard143
The Ideology of Gold143
Industrialization and Economic Development147
The Politics of Gold151
The Proximate Foundations of the Gold Standard: Chain Gangs and Regime Transformation160
The 1860s: A Decade of Growing Nervousness160
The Monetary Chain Gang165
The 1870s169
The Permissive Foundations of the Gold Standard175
7The Stability of the Gold Standard181
Tier 1The Proximate Foundations of Adjustment185
The Stable Supersystem of International Politics185
The Stable Supersystem of International Economics189
The Gold Standard and Core Nations193
Synchronous Macroeconomies200
Stabilizing Expectations204
Tier 2The Normative Foundations of Adjustment207
8The Gold Standard and Regime Theory218
Hegemonic Regimes219
Cooperative Regimes224
Diffuse Regimes227
Statistical Appendix237
Data237
Discount Rates of Central Banks237
World Price Indices237
British Series237
Estimation Techniques238
Equations241
Granger Causality Tests262
Central Bank Discount Rates263
World Price Indices and British Series263
Bank of England Discount Rate and British Series264
Bank of England Reserves and British Series265
Figures A.1-A.8266
Notes271
References325
Index341

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