Economics at your fingertips  

The Specie Standard As A Contingent Rule: Some Evidence for Core and Peripheral Countries, 1880-90

Michael Bordo () and Anna Schwartz

Departmental Working Papers from Rutgers University, Department of Economics

Abstract: The classical gold standard era from 1880 to 1914, when most countries of the world defined their currencies in terms of a fixed weight (which is equivalent to a fixed price) of gold and hence adhered to a fixed exchange rate standard, has been regarded by many observers as a most admirable monetary regime. They find that its benefits include long-run price level stability and predictability, stable and low long-run interest rates, stable exchange rates (McKinnon, 1988), and hence that it facilitated a massive flow of capital from the advanced countries of Europe to the world's developing countries.

Keywords: contingent; gold standard; rule (search for similar items in EconPapers)
JEL-codes: E5 (search for similar items in EconPapers)
Date: 1996-10-04
References: Add references at CitEc
Citations: View citations in EconPapers (4) Track citations by RSS feed

Downloads: (external link) (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:

Access Statistics for this paper

More papers in Departmental Working Papers from Rutgers University, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by ().

Page updated 2019-10-16
Handle: RePEc:rut:rutres:199411