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Monetary Systems and the Global Balance-of-Payments Adjustment in the Pre-Gold Standard Period, 1700-1870

Rui Esteves and Nogues-Marco, Pilar

No 13652, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We divide this paper into four sections. The first section outlines the taxonomy of commodity-based monetary regimes in Europe and their advantages and costs. The second section describes the main international monetary flows in the Early Modern period and relates them to East-West balance-of-trade adjustments and monetary systems in Asia (1700-1800). In the third section, we turn to the development of the foreign exchange market, which was mostly based on bills of exchange in this period. We explain the expansion of bills-of-exchange market from the European to the intercontinental network in the mid-19th century. The final section then investigates how nominal exchange rates and relative prices contributed to the global current account adjustments in the near pre-gold standard period (1820s-1870s).

Keywords: Balance of Payments; Monetary Systems; Price-specie flow mechanism; Real effective exchange rates (REERs) (search for similar items in EconPapers)
JEL-codes: E42 F31 N10 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his, nep-mac, nep-mon and nep-opm
Date: 2019-04
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