The Stability of the Gold Standard and the Evolution of the International Monetary System

Tamim Bayoumi and Barry Eichengreen

No 1248, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: This paper examines some popular explanations for the smooth operation of the pre-1914 gold standard. We find that the rapid adjustment of economies to underlying disturbances played an important role in stabilizing output and employment under the gold standard system, but no evidence that this success also reflected relatively small underlying disturbances. Finally, the paper also suggests an explanation for the evolution of the international monetary system based on growing nominal inertia over time.

Keywords: Gold Standard; International Monetary System (search for similar items in EconPapers)
JEL-codes: F33 N10 (search for similar items in EconPapers)
Date: 1995-10
References: Add references at CitEc
Citations: View citations in EconPapers (8)

Downloads: (external link)
http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=1248 (application/pdf)
CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at subscribers@cepr.org

Related works:
Working Paper: The Stability of the Gold Standard and the Evolution of the International Monetary System (1995)
Working Paper: The Stability of the Gold Standard and the Evolution of the International Monetary System (1994)
Working Paper: The Stability of the Gold Standard and the Evolution of the International Monetary System (1994)
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:cpr:ceprdp:1248

Ordering information: This working paper can be ordered from
http://www.cepr.org/ ... ers/dp.php?dpno=1248

Access Statistics for this paper

More papers in CEPR Discussion Papers from C.E.P.R. Discussion Papers Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
Bibliographic data for series maintained by ().