Competing Bimetallic Ratios: Amsterdam, London, and Bullion Arbitrage in Mid-Eighteenth Century

Pilar Nogues-Marco

The Journal of Economic History, 2013, vol. 73, issue 2, 445-476

Abstract: This article analyzes the stability of bimetallism for countries operating in integrated bullion markets that enact different legal ratios. I articulate a new theoretical framework to demonstrate that two countries can both be bimetallic only if they coordinate their legal ratios. The theoretical framework is applied to the mid-eighteenth century when London's legal ratio was 3.8 percent higher than that of Amsterdam. I find that Amsterdam was effectively on the bimetallic standard, whereas London was on a de facto gold standard.

Date: 2013
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Working Paper: Competing Bimetallic Ratios: Amsterdam, London and Bullion Arbitrage in the Mid-18th Century (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jechis:v:73:y:2013:i:02:p:445-476_00

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