How the gold standard functioned in Portugal: an analysis of some macroeconomic aspects
António Portugal Duarte () and
João Andrade ()
Method and Hist of Econ Thought from EconWPA
This paper studies the Gold Standard in Portugal. It was the first country in Europe to join Great Britain in 1854. The principle of free gold convertibility was abandoned in 1891. For the purposes of a macroeconomic study, we also extended the analysis up to 1913. Our study points out the mistake of comparing different systems with the same indicators. Examination of demand, supply and monetary shocks in the context of a VAR model confirm the idea that the principles of classical economics are appropriate for the Gold Standard in Portugal.
Keywords: Gold Standard; Macroeconomic Stability; Convertibility; Portugal; VAR and Unit Roots (search for similar items in EconPapers)
JEL-codes: B10 C32 E42 E58 F31 F33 N23 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his, nep-mac, nep-mon and nep-pbe
Note: Type of Document - pdf; pages: 48
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Journal Article: How the Gold Standard functioned in Portugal: an analysis of some macroeconomic aspects (2012)
Working Paper: How the Gold Standard Functioned in Portugal: An Analysis of Some Macroeconomic Aspects (2011)
Working Paper: How the Gold Standard Functioned in Portugal: An Analysis of Some Macroeconomic Aspects (2004)
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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpmh:0505002
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