Recent Developments in Bimetallic Theory

Stefan Oppers

Chapter 2 in International Monetary Systems in Historical Perspective, 1995, pp 47-70 from Palgrave Macmillan

Abstract: Abstract After almost a century of neglect, the past few years have seen a revival of interest in bimetallism as a subject of study. Paradoxically, until a few years ago the monetary system that dominated the post-Medieval world had received little attention in the modern professional economic literature. Bimetallism had mostly been seen as an unstable precursor of the gold standard, subjecting economies to unnecessary — and possibly costly — periodic recoinages. The system’s interesting dynamics were usually summarised by a reference to Gresham’s Law, or ‘good money drives out bad money.’ Recently, a more sophisticated understanding of the system has emerged and its merits have been reappraised.

Keywords: Price Level; Money Supply; Relative Price; Money Demand; Bimetallic System (search for similar items in EconPapers)
Date: 1995
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-24220-7_3

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DOI: 10.1007/978-1-349-24220-7_3

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