EconPapers    
Economics at your fingertips  
 

Portugal adoption of the gold standard: political reasons for a monetary choice (1846-1854)

Rita Martins de Sousa

No 2019/64, Working Papers GHES - Office of Economic and Social History from ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa

Abstract: This article analyses the transition from bimetallism to the gold standard in Portugal. The research has emphasised that the high percentage of gold coins in circulation and the network externalities were the main reasons for the de jure adoption of the gold standard in 1854. However, it has not provided a justification for either the appreciation of gold in the Portuguese market in 1847 which was contrary to the international trend or the reasons behind the decision to continue to circulate British gold sovereigns in 1851 when all other foreign coins were withdrawn. We argue that the political pressure applied by groups with ownership of British gold coins explains the transition from bimetallism to the gold standard.

Keywords: PMonetary history, Gold standard, Portugal, nineteenth century JEL classification: N13; N20; E42 (search for similar items in EconPapers)
Date: 2019
New Economics Papers: this item is included in nep-his, nep-mon and nep-pay
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
https://ghes.rc.iseg.ulisboa.pt/wp/wp642019.pdf (application/pdf)

Related works:
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:ise:gheswp:wp642019

Access Statistics for this paper

More papers in Working Papers GHES - Office of Economic and Social History from ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa GHES - Social and Economic History Research Unit, ISEG - Lisbon School of Economics and Management, Universidade de Lisboa, Rua do Quelhas 6, 1200-781 LISBON, PORTUGAL.
Bibliographic data for series maintained by Natalia Nobre ().

 
Page updated 2021-05-18
Handle: RePEc:ise:gheswp:wp642019