The Pre-war Gold Standard

Winston Fritsch
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Winston Fritsch: Catholic University of Rio de Janeiro

Chapter 2 in External Constraints on Economic Policy in Brazil, 1889–1930, 1988, pp 13-31 from Palgrave Macmillan

Abstract: Abstract Although since 1901 ever smaller coffee crops and the exchange rate stability achieved until 1904 had taken a little of the heat out of the debate on coffee problems, in 1905 unexpectedly large foreign capital inflow and export earnings resulted in upward pressures on the exchange rate which were beyond the powers of Banco da República, to offset.1 At the beginning of the year the bank let the rate float and after two unsuccessful attempts to peg it at higher levels, was finally able to regain control of the market in September and managed to stabilise it at around 30 per cent above its pre-rise level.

Keywords: Exchange Rate; Trade Balance; Capital Inflow; External Constraint; Export Earning (search for similar items in EconPapers)
Date: 1988
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DOI: 10.1007/978-1-349-09580-3_2

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