Taux de change fixes et migrations internationales. L'Étalon-or à l'aune de la théorie des zones monétaires optimales

David Khoudour

Revue de l'OFCE, 2002, vol. 82, issue 3, 83-116

Abstract: This article is in keeping with the optimum currency areas theory. Its main goal is to show how the international migrations, which occurred before the First World War, made the adjustment easier in the countries that opted for linking up their currency with gold. Actually, mass migrations during the ?classical? Gold Standard period, albeit primarily induced by long-term factors, registered fluctuations that frequently correspond to variations in economic activity and unemployment rates. Therefore, international migrations probably contributed to the good running of Gold Standard.

Date: 2002
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