Effective exchange rates 1879â€“1913
Solomos Solomou () and
Luis Catão ()
European Review of Economic History, 2000, vol. 4, issue 3, 361-382
This article constructs nominal and real multilateral effective exchange rates for Britain, France, Germany and the US during the period of the classical Gold Standard, 1879â€“1913. The new data indicate that the major industrial countries saw trend variations in their nominal effective rates, which appear to have been stochastic in nature, and reflected a significant exchange rate variation with non-gold countries. The movements of nominal effective rates display common trend patterns across the major industrial countries, reflecting similar trading structures in the pre-1914 period. In contrast, the movements of the real effective rates reflect national-specific influences. The implications of the new data with regard to business cycles and the international adjustment mechanism under the Gold Standard are considered.
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