The Role of Gold in the Monetary System

Role zlata v peněžním systému

Zbyněk Revenda

Český finanční a účetní časopis, 2011, vol. 2011, issue 3, 47-67

Abstract: In recent years, as a result of the financial crisis, several proposals have been put forward to restore some role for gold in the monetary system. In particular, there has been a proposal to employ gold as a nominal anchor or asset for the exchange rates between the most important and tradable currencies in the world. This suggestion, along with alternatives is analyzed in the article. The author describes different historical systems of money, the gold standard and, using concrete figures, the potential role of gold in backing-up issued money. It is the author's conviction that the role of gold in the monetary system inevitably belongs to history.

Keywords: Banking regulation and supervision; Central bank; Currency board; Exchange rate; Gold; Gold standard; History of money; Legal tender; Bankovní regulace a dohled; Centrální banka; Historie peněz; Měnová rada; Měnový kurs; Zákonné platidlo; Zlato; Zlatý standard (search for similar items in EconPapers)
JEL-codes: E42 E5 G2 (search for similar items in EconPapers)
Date: 2011
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DOI: 10.18267/j.cfuc.116

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