Market Integration in the Golden Periphery. The Lisbon/London Exchange, 1854-1891

Rui Pedro Esteves, Jaime Reis and Fabiano Ferramosca

Explorations in Economic History, 2009, vol. 46, issue 3, pages 324-345

Abstract: Portugal was the first independent nation to follow Britain in joining the gold standard. Although beset by persistent current account deficits and heavily dependent on foreign capital inflows, it enjoyed a relatively stable tenure of 37 years on gold. This paper shows how it was possible to secure currency stability, despite a lower credibility for the peg and a higher incidence of gold point violations than in core countries. The explanation lies in the central role played by institutional actors, such as the Bank of Portugal and/or the government, whose interventions in the exchange market kept the parity within the band.

Keywords: Portugal; Classical; Gold; Standard; Target; Zones; Central; Banking (search for similar items in EconPapers)
Date: 2009

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Persistent link: http://EconPapers.repec.org/RePEc:eee:exehis:v:46:y:2009:i:3:p:324-345

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