How the Gold Standard functioned in Portugal: an analysis of some macroeconomic aspects

António Portugal Duarte and João Andrade

Applied Economics, 2012, vol. 44, issue 5, 617-629

Abstract: Portugal was the first country in Europe to join Great Britain in the Gold Standard, in 1854, having abandoned the principle of free gold convertibility in 1891. By elucidating the historical choice of the Gold Standard by the Portuguese authorities, and analysing its macroeconomic behaviour, we prove that it is a mistake to compare different monetary systems with the same indicators. Our examination of demand, supply and monetary shocks in the context of a Vector Autoregression (VAR) model confirm the idea of appropriate application of the principles of classical economics to the Gold Standard in Portugal. We also prove that the principles of demand management were not compatible with the functioning of the Gold Standard.

Date: 2012
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://hdl.handle.net/10.1080/00036846.2010.513675 (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: How the Gold Standard Functioned in Portugal: An Analysis of Some Macroeconomic Aspects (2011)
Working Paper: How the gold standard functioned in Portugal: an analysis of some macroeconomic aspects (2005)
Working Paper: How the Gold Standard Functioned in Portugal: An Analysis of Some Macroeconomic Aspects (2004)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:applec:44:y:2012:i:5:p:617-629

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RAEC20

DOI: 10.1080/00036846.2010.513675

Access Statistics for this article

Applied Economics is currently edited by Anita Phillips

More articles in Applied Economics from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().